Petronas-Petros Court Battle Could Keep Capex in Check -- Market Talk

Dow Jones10-06

0452 GMT - Petronas's court bid to defend its traditional rights and resist Petroleum Sarawak's claims on gas distribution could continue to cloud its capital expenditure, especially in Sarawak, CGS International analyst Raymond Yap says. The case could be escalated to the Court of Appeal and Federal Court given how much is at stake, he says. Federal laws appear to favor Petronas, but political considerations may allow Petros to secure its goal of being Sarawak's sole gas aggregator, he adds. Amid this uncertainty, coupled with weaker oil prices and rising OPEC+ output, Petronas is expected to remain cautious on capex spending, Yap adds. CGS maintains its overweight rating on Malaysia's oil and gas sector, pegging Dialog as its top pick on expectations that it will secure several major tank terminal contracts. (yingxian.wong@wsj.com)

(END) Dow Jones Newswires

October 06, 2025 00:52 ET (04:52 GMT)

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The case could be escalated to the Court of Appeal and Federal Court given how much is at stake, he says. Federal laws appear to favor Petronas, but political considerations may allow Petros to secure its goal of being Sarawak's sole gas aggregator, he adds. Amid this uncertainty, coupled with weaker oil prices and rising OPEC+ output, Petronas is expected to remain cautious on capex spending, Yap adds. CGS maintains its overweight rating on Malaysia's oil and gas sector, pegging Dialog as its top pick on expectations that it will secure several major tank terminal contracts. 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