Page 158 - HRC_Annual_Report_2023

156 About HRC Value Creation Management Discussion Leadership
& Analysis

DISCLOSURE OF RECURRENT RELATED
PARTY TRANSACTIONS

In compliance with paragraph 10.09(2)(b) of the Listing Requirements, the Company had obtained a mandate from its shareholders
to enter into recurrent related party transactions of a revenue or trading nature with its related parties at the Annual General
Meetings held on 25 May 2022 and 24 May 2023 (RRPT Mandate).
Details of the recurrent related party transactions entered into pursuant to the RRPT Mandate in the financial year ended 31 December
2023 are set out below.

Total of actual
Value from Value from transactions for
Related Party Type of Transaction 1 January 2023 25 May 2023 to Financial Year
to 24 May 2023 31 December 2023 Ended 2023
(RM) (RM) (RM)
Shandong Hengyuan Sale of petroleum products and - - -
Petrochemical crude oil by HRC
Company Limited
and its subsidiaries Purchase of petroleum products - - -
including: and crude oil by HRC
(i) Heng Yuan Provision of freight and freight - - -
Holdings Limited; brokerage services in relation to
the purchase of crude oil and
(ii) Malaysia Hengyuan product components by HRC
International
Limited; and Provision of central 3,362,331 7,049,788 10,412,119
management, business
(iii) Hengyuan
International support, administrative services
Sdn Bhd and oil and oil products risk
management services to HRC
Provision of technical advisory 6,779,191 13,329,864 20,109,055
and consultancy services and
research and development
advisory services to HRC

Sale of materials, equipment, - - -
goods and products related to
the operation of the refinery,
excluding petroleum products
and crude oil, by HRC
Purchase of materials, - - -
equipment, goods and products
related to the operation of the
refinery, excluding petroleum
products and crude oil, by HRC
Rental of premises as 33,600 35,007 68,607
accommodation for Company
employees, personnel and/or
visiting consultants

Rental of premises as corporate - 229,914 229,914
office

Total 10,175,122 20,644,573 30,819,695