Datuk Seri R. Jeyenderan calls for a transparent scorecard to evaluate the operational and financial performance of the Pengerang complex.
PETALING JAYA: The multibillion-ringgit investment in Pengerang should be assessed against clear operational and financial indicators to determine whether the project is delivering its intended economic benefits, said industry expert Datuk Seri R. Jeyenderan.
Commenting on a recent report concerning the financial performance of PRefChem, the chief executive officer of Maritime Network Sdn Bhd said the performance of the Pengerang Integrated Complex (PIC) should be evaluated through measurable indicators and publicly available information, where appropriate.
“Over the next few years, Malaysians should be able to assess whether plant utilisation is improving, unplanned shutdowns are being reduced, financial performance is strengthening and the project is moving towards sustainable operations,” said Jeyenderan, who has more than 30 years of experience in the shipping industry.
In a statement, he said the assessment should extend beyond the financial performance of the complex and consider its broader contribution to Malaysia’s energy security and efforts to diversify crude supply sources.
He said other indicators could include export performance, employment opportunities and the extent to which Malaysian maritime, logistics and supporting service companies benefit from activities linked to the complex.
“There should be a transparent performance scorecard showing, year by year, what has improved and whether the project is moving towards its intended economic objectives,” he said.
Jeyenderan said such a framework would allow the public and other stakeholders to better understand the project’s performance against its original objectives and the substantial investment involved.
He said further investment could be assessed on the basis of clearly defined operational improvements, financial targets and a credible pathway towards long-term sustainability.
“However, if further significant investment is committed without sufficient information on key operational and financial targets, Malaysians may reasonably seek greater clarity on how the project is progressing and whether its intended objectives are being achieved,” he said.
Beyond operational and financial indicators, Jeyenderan said governance and transparency across the wider Pengerang ecosystem were also important in maximising the value of the investment.
He suggested that appropriate oversight could include regular independent audits and reconciliation of petroleum cargo movements involving relevant facilities and stakeholders, subject to applicable regulations and commercial confidentiality.
Jeyenderan said any material discrepancies identified in cargo quantities, classification, ownership or tax treatment should be reviewed through established procedures and addressed by the appropriate authorities or parties.
He said stronger governance and transparent reporting could help safeguard public and commercial interests while supporting confidence in Pengerang as an important petroleum and energy hub.
The comments represent Jeyenderan’s views on how the performance and governance of the Pengerang investment could be assessed and do not constitute an allegation of wrongdoing by PRefChem, its shareholders, government agencies or any other party.
