Pengerang investment must deliver measurable results, financial improvements, says industry expert

KUALA LUMPUR, Sept 1 — Industry expert Datuk Seri R. Jeyenderan has called for the multibillion-ringgit investment in Pengerang to deliver measurable operational and financial improvements. Commenting on a recent financial performance report of PRefChem, Jeyenderan emphasized that the success of the Pengerang Integrated Complex (PIC) should be measured using transparent indicators such as increased plant utilization, reduced unplanned shutdowns, narrowing losses, positive operating cash flow, and a competitive return on capital invested.

Jeyenderan, with over 30 years of experience in the shipping industry, also stressed that the benefits of the investment should extend beyond financial performance, encompassing Malaysia's domestic fuel security, crude sourcing diversification, stronger exports, quality employment, and greater opportunities for Malaysian maritime, logistics, and supporting service companies.

He proposed a transparent performance scorecard to track yearly improvements and progress towards economic objectives. Jeyenderan insisted that continued investment in Pengerang should be justified by clear operational improvements, financial targets, and a credible pathway towards sustainable profitability. He underscored the importance of strong governance and transparency in the Pengerang ecosystem, suggesting regular independent audits, reconciliation of petroleum cargo movements, and clear accountability among relevant agencies to ensure the full value of the investment is realized.