KUALA LUMPUR (May 21): Petron Malaysia Refining & Marketing Bhd (KL:PETRONM) said its Port Dickson refinery, which has been shut since the collapse of its product jetty during Tropical Storm Senyar in November last year, is expected to resume full operations by the first quarter of 2027 upon completion of a new jetty.

The group slipped back into the red in the first quarter ended March 31, 2026 (1QFY2026) mainly due to the absence of production. It posted a net loss of RM35.04 million for the quarter, compared with a net profit of RM81.03 million a year earlier.

Petron said in a filing with Bursa Malaysia that the net loss was exacerbated by the ongoing war in West Asia, which has significantly disrupted oil supply and market prices, leading to higher feedstock costs.

This is the group’s first quarterly loss in over a year, following a net loss of RM69.55 million in 4QFY2024.

Revenue for 1QFY2026 fell 19.9% year-on-year to RM2.94 billion from RM3.67 billion, dragged by lower sales volume, particularly due to the absence of export sales amid the refinery shutdown.

Petron, which manufactures and sells petroleum products, has not declared any dividend since end-December last year.

Despite the shutdown, Petron said it has begun limited and intermittent refinery operations using existing in-tank crude inventories to support product availability in the domestic market, as part of its commitment to national energy security.

The group said it is working to resolve operational constraints, including securing crude supply, to enable more stable albeit limited refinery runs while awaiting the new jetty.

“Debris clearing activities at the sunken product jetty are ongoing, and all major contracts for the construction of a new jetty have been awarded. Replacement works have commenced, with commissioning targeted by 1Q2027, after which the refinery is expected to resume full and normal operations,” it said.

Shares of Petron ended two sen or 0.46% higher at RM4.38 on Thursday, valuing the group at RM1.18 billion.