KUALA LUMPUR (Oct 1): Hengyuan Refining Company Bhd (KL:HENGYUAN) has brought back former chief executive officer (CEO) Erkki Tapio Ranta to lead the company, with immediate effect.
Ranta, 62, previously served as Hengyuan’s CEO from March 2020 to July 2021. He now returns to succeed Yin LuJiang, 55, who is stepping down from all duties and responsibilities as CEO after nearly three years at the helm, according to a statement on Thursday.
Ranta first joined Hengyuan International Sdn Bhd as a senior officer in November 2019 before being appointed CEO of Hengyuan in March 2020.
The Finnish national has more than three decades of experience in the oil and gas industry.
Prior to his appointment, Ranta was an independent consultant based in Croatia from November 2024 to August 2026.
He also previously served as managing director of Bayernoil Raffineriegesellschaft mbH in Germany from August 2021 to November 2024, following his stint at Hengyuan.
Hengyuan, which makes refined petroleum products, posted a net profit of RM1.13 billion for the first half of FY2026 (1HFY2026), reversing from a net loss of RM353.69 million a year earlier. Revenue for 1HFY2026 rose 70.76% to RM10.06 billion from RM5.89 billion.
The group attributed the stronger performance to higher average product prices, efficient and stable operational performance, stronger refining margins and lower finance costs.
The largest shareholder of Hengyuan is Malaysia Hengyuan International Ltd (MHIL), with a 55.67% stake. MHIL is wholly owned by Heng Yuan Holdings Ltd, which in turn is a wholly-owned subsidiary of Shandong Hengyuan Petrochemical Co Ltd (SHPC).
The ultimate controlling shareholder of SHPC is China’s Shandong Hengyuan Petrochemical Group Co Ltd.
Hengyuan shares closed eight sen or 2.25% higher at RM3.64 on Friday, giving the company a market capitalisation of RM2.18 billion. Year-to-date, the stock has surged over 370% since the start of the year.