2021 OIL AND GAS SECTOR TRENDS

Pivoting to the new energy future could be tough and may require companies to make bold choices. The following lists important signposts for O&G companies in deciding their strategy and direction in 2021:

• Reduction of operating costs
• Maintaining agility and flexibility in operations
• Acceleration of digital transformation
• Optimising capital allocation for clean energy transition plans
• Changes in end-use demand patterns and supply composition
• The rise of environmental, socially responsible and impact-focused investing
• An adoption of new talent strategies to succeed in the future of work
• Consolidation in a low-priced environment

Source: Deloitte oil and gas industry outlook



For HRC, 2020 was a year of responding to unprecedented challenges. The next few years will be focused on completing the construction of our key projects while harvesting profits and benefits, and fine-tuning the business. Further in the future, sustainable energy remains a key agenda.

HRC will stay committed to the long-term and stable supply of refined products and continue to realise its vision of focusing on petrochemicals and new energy solutions.

As we move into 2021, our key focus will be on the following areas:

1. PERSONAL AND PROCESS SAFETY.
Avoid any injuries or process safety incidents by continuously enhancing a proactive safety culture.

2. ASSET RELIABILITY.
We aim to put significant effort to improve refinery availability.

3. MAJOR PROJECTS COMPLETION.
Complete all on-going major projects successfully according to the planned schedule, and work towards starting up the plants seamlessly.

4. VALUES, COSTS AND PROFITABILITY.
Work with our values and to assure the best interest for HRC. We are cultivating a cost-conscious mindset and will continue to challenge, develop and improve current work processes as well as to find ways to improve plant profitability.

5. COMPETENCIES.
Improve our competencies to meet the refinery’s operational needs. We are targeting to be equipped with relevant knowledge and to keep upgrading our skills. Succession planning, experience and information sharing with team members are the other main focus areas.