Petra Energy to triple capex to Rm32mil this year

KUALA LUMPUR: Integrated oil and gas services provider, Petra Energy Bhd, will more than triple its capital expenditure to RM32mil this year to enhance services.

Chief executive officer Datuk Anthony Bujang ( pic) said the amount was significantly higher than last year’s RM10mil allocated for the similar purpose.

“The allocation included the acquisition of a Labuan fabrication yard in January for RM16mil, upgrading works at the newly-acquired yard and at its Shah Alam facilities,” he told reporters after the company’s AGM here yesterday.

He said that further enhancement in asset capabilities would be determined in the next few months.

To date, Petra energy has an order book of RM797.45mil and the company has submitted tenders to the tune of RM2.43bil, Anthony said. – Bernama