Peraturan jelas mampu jadikan Malaysia hab bahan api marin serantau

Malaysia requires clear regulations to become a major exporter of marine fuel, according to industry expert R Jeyenderan. Implementing such regulations could help Malaysia emerge as a significant marine fuel exporter and generate more revenue for the nation, he said. Malaysia already has nearly all the essential prerequisites for developing this industry, including petroleum and palm oil reserves, storage facilities, ports, and a strategic location along the world's busiest shipping lanes.

To boost revenue from oil cargo, Jeyenderan suggested increasing the amount of refining done within the country, such as blending, storing, and selling fuel to ships. Rather than merely accepting and transporting oil cargo, Malaysia should create more value from its existing resources, he emphasized. The surge in oil demand following fuel supply disruptions also presents opportunities for Malaysia to expand its petroleum and marine fuel supplies to the regional market.

According to Jeyenderan, Malaysia has the potential to produce and supply ultra-low sulfur heavy fuel oil (VLSFO), as well as develop blending and bunkering activities. The South East Asian region can also benefit from this development, as Indonesia supplies petroleum and palm oil, while the Philippines has coconut oil, which can be exploited for the marine fuel industry.

Malaysia's strategic location along major international shipping routes further enhances its potential, as the high volume of ships passing through Malaysian waters can create a stable market for marine fuel services. The country should capitalize on this opportunity to increase tax revenue and deliver a larger economic impact to the private sector.

However, Jeyenderan stressed that realizing this potential requires the government to establish clear regulations regarding the movement and usage of oil cargo, especially when using Form Customs 8 (K8). Every cargo should be clearly recorded and tracked when stored, transported, or blended. "We need clear regulations on what can be done with cargo after it enters storage tanks, particularly when different petroleum products are blended," he said.

This is crucial for protecting government revenues, preventing fraud, and providing certainty to industry players.