PETRON MALAYSIA REFINING & MARKETING BHD
Malaysia | 3042.KL | Main
Reference
Report Year: 2023
Source Files: PETRONM_ANNUAL_REPORT_2023.pdf
Sustainability Committee
Sustainability Committee (4 pax) 🟢
- Oversees ESG strategies 🟢
Reporting
GRI, TCFD, Integrated Report 🟢
GHG Accounting
Petron Malaysia demonstrates a commendable effort in reporting Scope 1 and Scope 2 emissions for 2023, with 190,607 tCO₂e and 70,971 tCO₂e respectively, showing transparency in direct and indirect emissions. The data is internally reviewed, which adds a layer of credibility, though third-party verification is absent, limiting assurance. A significant gap is the lack of Scope 3 emissions reporting, critical for a comprehensive GHG inventory in the oil and gas sector. Additionally, details on GWP basis and specific standards (e.g., GHG Protocol) are missing, reducing comparability. The company should prioritize Scope 3 inclusion, seek external verification, and specify methodologies to enhance reporting robustness.
Emissions
| Scope | Value | Note |
|---|---|---|
| Scope1 | 190,607 tCO₂e 🟢 | |
| Scope2 | 70,971 tCO₂e 🟢 | |
| Scope3 | Not reported ⚠️ | Scope 3 data not disclosed in the report. |
| Biogenic emissions | Not applicable → | No biomass or biofuel usage reported for energy production. |
Other Details
- Base year: 2022
- Boundary inventory: Covers operations of Petron Malaysia Group including refining and marketing subsidiaries.
- Gwp basis: Not specified
- Standard: Not specified
- Data collection approach: Internal data compilation with review by Petron Corporation's Internal Audit.
- Third party verification: No
- Carbon intensity: Not reported ⚠️
Efforts
- 4% intensity reduction target 🟢
- 51 tons waste to disposal 🟢
- Solar energy adoption 🌞
- Sustainable biodiesel 🌱
Social Highlights
- MYR 1.15M community investment 🥗
- 7,763 beneficiaries 🥗
- 369 employees trained 🟢
- 16,694 training hours 🟢
- Limited data available ⚠️
Governance
- Salary disclosure: Can't find ⚠️
- Litigation: Can't find ⚠️
Report Quality
Positive strides are evident in Petron Malaysia's 2023 sustainability report, with quantifiable metrics for Scope 1 and Scope 2 emissions, waste management (e.g., 51 tons to disposal), and social impact (e.g., MYR 1.15M community investment) 🟢. The alignment with GRI and TCFD frameworks adds structure, and internal audit reviews enhance credibility. Forward-looking commitments, such as a 4% GHG intensity reduction target and net-zero by 2050, demonstrate ambition. However, the report falls short with generic statements like 'committed to sustainability' lacking specific evidence ⚠️. Key gaps include Scope 3 emissions, third-party verification, and detailed methodologies for GHG accounting. To strengthen future reports, Petron should incorporate external assurance, expand Scope 3 disclosures, and provide more granular data on environmental and social outcomes. Overall, a solid foundation exists, but deeper specificity and validation are needed.
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