What Hengyuan Refining Company does

Hengyuan Refining Company is a Malaysia-based petroleum refining company listed on Bursa Malaysia under ticker HENGYUAN, operating from Port Dickson since 1960 with a workforce of 251-500 employees. The company refines crude oil into petroleum products for sale into Malaysian and regional fuel markets, operating under the strategic control of Chinese parent Shandong Hengyuan Petrochemical Company Limited (SHPC), with which it unified its corporate branding in 2026.

The company's revenue base has been volatile and has trended downward from a 2022 peak, with reported figures of $3,244B (2025), $3,849B (2024), $3,355B (2023), $4,814B (2022), and $2,881B (2021). Profitability has been under sustained pressure: the company recorded net losses in each of 2022 through 2025, though EBITDA turned positive in 2025, suggesting early signs of operational stabilization despite the continuing bottom-line loss.

The business is currently navigating material external headwinds. Hengyuan Refining was designated under US sanctions as one of five refiners targeted over alleged Iranian crude oil ties, and China's National Financial Regulatory Administration directed banks to suspend new yuan-denominated loans to the company. These regulatory and financial constraints represent the dominant variables shaping the company's near-term operating environment and access to capital, while the SHPC parent relationship provides strategic alignment and integration benefits.

Name

Hengyuan Refining Company

Legal name

Hengyuan Refining Company

Website

https://hrc.com.my

Company type

Private

Founded year

1960

Operating status

Operating

Headcount range

251–500 employees

Short description

Hengyuan Refining Company is a Malaysia-listed petroleum refiner (Bursa Malaysia: HENGYUAN) operating since 1960 in Port Dickson under Chinese parent SHPC, selling refined fuel products to Malaysian and regional wholesale markets.

Ownership category

akta.pro rank

Product category

Petroleum Refining

NAICS

Petroleum Refineries (324110), Petroleum Refineries (32411), Petroleum and Coal Products Manufacturing (324)

SIC

Petroleum Refining (2911), Wholesale-Petroleum Bulk Stations & Terminals (5171)

akta.pro primary industry

Refinery Offsites, Storage & Loading (Tankage, Truck/Rail/Marine Loading) (EUALAGAK)

akta.pro secondary industries

Refinery Blending & Product Quality Control (Gasoline/Diesel/Jet Blending, Additives) (EUALAGAJ), Crude Oil Tank Farms & Terminals (TLAGAKAA), Liquid Bulk Petroleum Terminals (Crude, Refined Products) (TLAHABAH), Chemical Tank Farms & Bulk Liquid Chemical Storage (TLALAHAH)

Keywords

• Petroleum refining
• Crude oil processing
• Refined petroleum products
• Oil refinery operations
• Petrochemical feedstock

Headquarters

HQ city

Port Dickson

HQ country

Malaysia

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel

Core offering

Hengyuan Refining Company operates a crude oil refinery located in Port Dickson, Malaysia, where it processes crude oil into refined petroleum products including transportation fuels and other distillates. The company is a subsidiary of Shandong Hengyuan Petrochemical Company Limited (SHPC) of China and has been refining petroleum since 1960.

Product overview

HRC (Hengyuan Refining Company) is a single-product refining operation under Shandong Hengyuan Petrochemical Company Limited (SHPC). The company recently rebranded its corporate identity to align with its parent company, adopting a unified visual brand. No additional distinct products, modules, or sub-brands are identified in available sources.

Differentiator

Problem solved

Functional benefit

Products and services

• Refined Petroleum Products

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• Shandong Hengyuan Petrochemical Company Limited (SHPC)coreOthersHRC (Hengyuan Refining Company) has adopted a new corporate logo in alignment with its parent company Shandong Hengyuan Petrochemical Company Limited (SHPC) to reflect a unified brand identity. SHPC appears to be the controlling parent entity of HRC.

Scale indicators1 record

Recent moves4 records

Expansion highlights2 records

Broad incumbents

• Reliance Industries Limited: Reliance Industries operates one of the world's largest refinery complexes (Jamnagar) along with petrochemical integration. It is comparable to HRC as a vertically integrated refiner-petrochemical producer in the broader Asian fuel and chemicals market, with similar feedstock flexibility and product slate economics.
• Indian Oil Corporation Limited: Indian Oil Corporation operates multiple Indian refineries and is a major regional fuel producer. It is comparable to HRC as a regional Asian refining incumbent serving a large domestic fuel market, with similar exposure to crude sourcing flexibility and product mix optimisation.
• Petronas (Petroliam Nasional Berhad): Petronas is the Malaysian national oil company with integrated upstream, refining, and petrochemical operations. It operates in the same Malaysian regulatory and market environment as HRC, providing the dominant incumbent benchmark for refining scale, capacity, and domestic product positioning.
• Sinopec (China Petroleum & Chemical Corporation): Sinopec is one of the world's largest integrated energy and chemical companies with extensive refining capacity across China. It is broadly comparable to HRC's parent ecosystem, providing a benchmark for Chinese integrated refining-petrochemical economics, regulatory exposure, and global crude sourcing capability.
• Saudi Aramco: Saudi Aramco is the world's largest integrated energy company with significant global refining and petrochemical interests. It is comparable to HRC as the global refining incumbent, providing a benchmark for crude supply economics, refining margin cycles, and integrated downstream value capture relevant to any mid-scale Asian refiner.

Regional players

• PTT Public Company Limited: PTT is Thailand's integrated energy and petrochemical company, operating refineries and downstream assets. It is a regional comparable to HRC, competing in similar Southeast Asian fuel and petrochemical markets but with a broader upstream portfolio and primarily Thai-domestic focus.
• Pertamina (PT Pertamina Persero): Pertamina is Indonesia's state-owned integrated oil, gas, and refining company. It is comparable to HRC as a Southeast Asian national refining operator serving a large domestic fuel market, though it operates multiple refinery sites rather than a single asset like HRC.

Direct peers

• Formosa Petrochemical Corporation: Formosa Petrochemical is a Taiwanese refiner and petrochemical producer operating a single large-scale refinery complex. It is directly comparable to HRC as an Asian independent refiner-petrochemical integrated player, serving regional fuel and petrochemical markets with similar single-site operating risk and commodity-driven economics.
• Hengli Petrochemical Co., Ltd. Hengli Petrochemical is a large privately-held Chinese integrated petrochemical company. It is closely comparable to HRC's parent SHPC and to HRC itself, as both combine refining and petrochemical production in a single integrated platform targeting Asian downstream markets.
• Rongsheng Petrochemical Co., Ltd. Rongsheng Petrochemical is one of China's largest private refining-petrochemical integrated operators. It is directly comparable as a privately-controlled Chinese refiner with similar exposure to feedstock sourcing, product offtake patterns, and regulatory/political risk as HRC and its parent SHPC.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat2 records

Key risks6 records

Key highlights5 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hengyuan Refining Company