China Ambassador Visits Hengyuan Refinery
China Ambassador Visits Hengyuan Refinery
Port Dickson, 9 March 2017 - China's ambassador to Malaysia, Dr. Huang Huikang, paid a visit to Hengyuan Refining Company Berhad's (HRC) Port Dickson refinery today.
HRC was formerly known as Shell Refining Company (Federation of Malaya) Berhad (SRC) before the completion of the acquisition exercise by Malaysia Hengyuan International Limited (MHIL) of a 51.0% equity stake in SRC from Shell Overseas Holdings Limited for USD66.3 million. MHIL is wholly-owned by Heng Yuan Holdings Limited, which in turn, is a wholly-owned subsidiary of Shandong Hengyuan Petrochemical Company Limited. The Mandatory General Offer (MGO) for the balance of the shares saw another 0.02% of shares sold to MHIL.
Dr. Huang's visit was to get a better understanding of HRC's business, build a closer relationship between the Embassy of China and the company in which a China-owned enterprise has a significant stake as well as to ensure the operations of the refinery continue to add value to Malaysia's economy and enrich the lives of people within the surrounding communities.
Maarten Stals, Managing Director and Executive Director of Hengyuan Refining Company Berhad, said, "We are deeply honoured by Dr. Huang's visit. The Ambassador showed keen interest in our operations and is very supportive of our efforts to improve our refinery and enhance its performance."
"We are also very happy to be carrying our new name and logo, which reflects our relationship with the Hengyuan Group. We intend to leverage on the Group's well-established technical know-how and operational expertise to take our refinery to greater heights," Stals concluded.
During the visit, Dr. Huang was accompanied by his entourage of senior officials from the Embassy of China, Shandong Hengyuan Petrochemical Company Limited Deputy Chairman, Wang Zhongquan and members of the media. The Ambassador was given a detailed business briefing of HRC's operations by the company's senior management team, before being taken on a tour of the refinery.
Hengyuan Refining Company Berhad manages and operates a refinery in Port Dickson (Negeri Sembilan) with a licensed production capacity of 156,000 barrels per day. The refinery is involved in the refining and manufacturing of petroleum products, and provides employment for more than 500 individuals comprising of staff and contractors.
About Hengyuan Refining Company Berhad
Hengyuan Refining Company Berhad ("HRC"), formerly known as Shell Refining Company (Federation of Malaya) Berhad ("SRC"), was incorporated in Malaysia on 19 September 1960/p>
The company was listed on the Main Board of the then Kuala Lumpur Stock Exchange (now known as the Main Market of Bursa Securities) on 29 October 1962. On 22 December 2016, Malaysia Hengyuan International Limited (MHIL) acquired 51.0% equity stake in SRC from Shell Overseas Holdings Limited for USD66.3 million. MHIL is wholly-owned by Hengyuan Holdings Limited, which in turn, is a wholly-owned subsidiary of Shandong Hengyuan Petrochemical Company Limited.
HRC is principally engaged in refining and manufacturing of petroleum products to required quality specifications. These include Liquified Petroleum Gas, Naphtha, Gasoline, Mixed Aromatics, Gasoil, Jet Kerosene and Fuel Oil components. It currently manages and operates a 156,000 barrels-per-day refinery in Port Dickson, Negeri Sembilan and employs more than 500 comprising of staff and contractors. For more information, please visit www.hrc.com.my
About Shandong Hengyuan Petrochemical Company Limited
Established in 1970, Shandong Hengyuan Petrochemical Company Limited (SHPC) is a state-owned enterprise based in Linyi County, Shandong Province, China. SHPC develops, produces, processes, and markets diesel oil, liquefied gas, propylene, propane, polypropylene, tert-butyl alcohol, oil slurry, asphalt, tert-pentene, ethybenzene, and other petroleum related products.
SHPC has total assets of 4 billion Yuan (approx. USD582.53 million) and employs 1,700 employees. SPHC is one of the Top 100 Leading Enterprises in Shandong and one of the Top 500 Chinese Chemical Enterprises. The Group has garnered multiple accolades over the years and its Chairman and General Manager, Wang Youde, has also received recognition including ‘One of Ten Outstanding Entrepreneurs in Shandong Province' and ‘Outstanding People Award of National Advancements in Productivity', amongst others.
This news release is issued on behalf of Hengyuan Refining Company Berhad by Acendus Communications Sdn Bhd. For further information, please call I-Mae 6012 383 5688 or Michael Poh at 012 395 5202