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06 I 2020 ANNUAL REPORT I ABOUT hRC

ChAIRmAN’S

STATEmENT

Dear Shareholders,

The COvID-19 pandemic has brought upon a significant impact to the
refining industry, locally and globally. This situation is expected to remain
fluid, making it difficult for industry players to fully assess the effect on
supply and demand going forward.

however, at hengyuan Refining Company Berhad (hRC or the Company),
we have survived the brunt of this global health crisis, and we are confident
that we are able to tide over this challenging period with resilience.
By adhering to our sound and robust Business Continuity Plan, we have
been able to deliver positive financial results to date.

I take this opportunity to report on hRC’s key focus areas throughout 2020.

ASSURINg SAFETY
In a year of unprecedented challenges,
our key priority for 2020 centred on
the need to survive and enhance our
resilience. Respecting our people as our
greatest asset, we prioritised putting in
place preventive measures to protect our
employees and contractors from the risks
of being infected by COVID-19, and
proactive measures were put into effect
in a timely manner. These were even
more pertinent as HRC, being a
provider of essential services, remained
operational throughout the various phases
of control orders. We will endeavour to
keep our workplace safe and continue
maintaining operational uptime through
the year ahead.

See page 04 for more details on our
preventive measures.

WANg, YOUDE
Chairman