KUALA LUMPUR (Feb 10): Petron Malaysia Refining & Marketing Bhd (KL:PETRONM) on Tuesday warned of a financial hit from a continuing force majeure event at its Port Dickson refinery.

The force majeure remains in effect as the product jetty — used to receive and discharge refined products between the refinery and tanker vessel — was still damaged since its partial collapse during Cyclone Senyar, Petron said in a bourse filing. Force majeure declaration excuses a firm from fulfilling contractual obligations due to factors beyond its control.

Debris clearing on the seabed alone is estimated at RM18 million and ongoing, but hampered by poor weather conditions.

In parallel, Petron Malaysia said it is seeking bids from engineering firms to build a replacement jetty at the same site once clearing is complete. The company noted that construction must take place on the allocated seabed plot due to the presence of subsea pipelines in the area.

The west coast of peninsular Malaysia was hit by the tropical storm in November last year, bringing strong winds and widespread flooding to the Klang Valley.

Petron flagged the refinery shutdown, interim supply workarounds, jetty replacement, and related costs are expected to weigh on its financials and capital expenditure in 2026. The company did not provide an estimate on the cost of restoring the operations.

However, supply of gasoline and diesel at its service stations as well as liquefied petroleum gas to customers remained uninterrupted, the company added.

Shares of Petron closed up three sen or 0.7% at RM4.17, giving the company a market value of RM1.13 billion.