Page 132 - HRC_AR2020

130 I 2020 ANNUAL REPORT I financial reports

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2020 (CONTINuED)

29 coMMitMents to oil spill fUnD

The Company is a member of the International Oil Pollution Compensation (“IOPC”) 1992 Fund and Petroleum Industry
of Malaysia Mutual Aid Group (“PIMMAG”) (collectively as “Funds”). The purpose of the Funds is to help compensate parties
that suffer financial loss as a result of oil spill from tankers. The Company makes contributions to the Funds depending on
specific oil spill incidents, which give rise to payments of compensation by the Funds.
30 capital coMMitMents

Approved capital expenditure for property, plant and equipment not provided for in the financial statements are as follows:
2020 2019
rM’000 rM’000
Approved and contracted for 185,135 291,181
Approved but not contracted for 97,076 185,052

31 seGMental inforMation
The Company is principally engaged in the business of refining and manufacturing of petroleum products in Malaysia, which
is a single business segment. The Company’s primary operations are also concentrated within Malaysia, hence operating
within a single geographical segment. Accordingly, no segmental information is considered necessary for analysis by business
or by geographical segments.
This is consistent with the internal management reports reviewed by the Board of Directors (chief operating decision maker
of the Company) where performance of the Company is measured based on refining margins and profit before tax
recognised as a single business and geographical segment.
In 2020, one customer on an individual basis, contributed revenue exceeding 59% (2019: 69%) of total revenue for the
financial year, amounting to RM4,216,479,000 (2019: RM8,725,453,000).