Petroliam Nasional Bhd (Petronas) has sent out a request for banker recommendations for a potential dollar bond offering.
According to sources, the Malaysian state-owned company is hiring an investment bank in the coming weeks if it plans to go ahead with the deal.
Petronas, which now faces its biggest debt in 2025, has been out of dollar debt since it sold a dual-tranche bond worth RM12.91 billion in 2021.
The renewed interest comes as the top risk on Asia's investment-grade dollar currency has fallen to near record lows.
The energy firm and its units have combined debt equivalent to more than $22 billion with the largest annual repayment of more than $3.7 billion due next year.
Petronas last month posted a 19% drop in first-half net income due to higher taxes and a shrinking asset base.
In addition, capital expenditure increased 20% year over year in the same period according to the company's earnings presentation.
The Malaysian oil company's interest in raising new debt comes as risk premiums on Asian high-grade dollar bonds have fallen for five straight weeks.
