Velesto Energy Berhad receives CSR Initiative of the Year - Oil & Gas Award for Coral Nursery Project | Asian Business Review

Velesto Energy Berhad receives CSR Initiative of the Year - Oil & Gas Award for Coral Nursery Project

Velesto's initiative in preserving Malaysia's fragile coral reefs takes root in Pulau Perhentian.

Coral reefs play a vital role in providing the ecosystem and biological support for thriving marine species, including sea turtles, dolphins, and sharks, as well as their contribution to coastal protection, such as mitigating storm surges and preventing coastal erosion. An initiative towards “setting up” coral nurseries for the restoration of this fragile environment will go a long way in securing coral existence for future generations and also establishing coral reefs as formidable natural barriers.

This initiative highlights Velesto's dedication to the conservation of coral reefs at Pulau Perhentian, Malaysia. In acknowledgement of this commitment, Velesto Energy Berhad (Velesto) has been honoured with the CSR Initiative of the Year - Oil & Gas award at the 2023 Malaysia Excellence Awards for its Coral Nursery project. 

What makes this noteworthy is that currently, Velesto is the only oil and gas company actively involved in preserving the fragile coral reefs at this popular tourist destination. This unique commitment sets Velesto's Coral Nursery apart, emphasising its importance in both ecological conservation and corporate responsibility spheres.
Initiated in 2022, Velesto's Coral Nursery began with the establishment of the first nursery comprising 55 coral pods crafted from upcycled rebar frames and concrete. Serving not only as aids to restore initial reefs but also as facilitators for the growth of neighbouring corals, these pods have proven instrumental in nurturing biodiversity.

This year, Velesto's Coral Nursery has witnessed substantial growth. The addition of a second thriving nursery through spider web frames has allowed for more extensive coverage of the restoration site. This expansion anticipates more than 480 coral specimens in these nurseries. Conservation efforts are not only determined by sheer numbers; they also encompass diversity. These nurseries now boast corals from three different species, contributing to the overall resilience of the reefs.

Velesto’s commitment is more than just environmental preservation; it actively engages with the community through the coral nursery where visitors are provided with opportunities to learn about the marine ecosystem, fostering an appreciation for the critical role played by coral reefs. 

This commitment also extends through its partner, the Alunan Coral Project, in the fields of education and research. The collaborative initiative also sees Velesto supporting the capabilities of the Alunan Coral Project’s marine biologist for more detailed and comprehensive analysis of marine ecosystems. 

The Coral Nursery Project not only enhances the ecological environment but may also create meaningful livelihood opportunities for the local community. This approach aligns seamlessly with Velesto’s sustainability aspirations, embodying its commitment to holistic and responsible practices.

Velesto’s initiative is hoped to signify a potential shift in the corporate landscape, emphasising the importance of active participation in actions that preserve the environment. With this effort, Velesto contributes to ensuring that the future of Pulau Perhentian’s marine ecosystem is on a path to thrive and endure for generations to come.

The Malaysia Management Excellence Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's employee engagements and management initiatives, please contact Danica Avila at [email protected].

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