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HERE TO STAY. HERE TO GROW.
With Resilience & Respect

2020 has been a challenging year for global economies as countries initiated lockdowns
and movement restrictions in response to the unprecedented COVID-19 pandemic.
Many industries continue to be impacted, including oil and gas, as demand has taken
a plunge. HRC has braved the challenge with resilience by responding quickly to
business changes and taking immediate measures to protect business sustainability.
We also continue to demonstrate respect to our stakeholders, strengthening alliances,
seeking win-win results and providing support and care to our surrounding community.

WE APPRECIATE YOUR FEEDBACK LINK TO OUR ONLINE REPORTS

As part of our commitment to reporting that better serves The online version of Hengyuan Refining Company Berhad’s
our stakeholders’ needs, we value your feedback and welcome 2020 Annual Report and 2020 Sustainability Report are
comments to improve our future reports. We will attempt to available on our website. Please visit www.hrc.com.my or
provide further clarity to our disclosure topics where necessary. scan the QR Code to download these reports.
Please share your comments, suggestions and feedback via
email to hrcpd-corporate-affairs@hrc.com.my.

ABOUT hRC 01 vALUE CREATION 02 mANAgEmENT 03
DISCUSSION & ANALYSIS

At a Glance 02 Business Overview 22 Market Challenges 28
Ensuring Business Continuity 04 Our Strategic Compass 24 Performance Review 29
Through the Pandemic Business Strategy: Redefining 25 - Performance Updates 29
Chairman’s Statement 06 Our Strategic Framework Under Our Redefined
Strategic Framework
Our Strengths 09
- Financial Review 35
Corporate Information 10
- FY2020 KPIs 37
Financial Calendar 11
Risks & Opportunities 38
General Business Principles 12
Moving Forward 39
Notice of 62 Annual General 14
nd
Meeting