China Huarong Energy Company Limited announced that Mr. Chen Qiang ("Mr. Chen") has retired as the chairman of the Board (the "Chairman of the Board"), executive Director (the "Executive Director"), chief executive officer (the "Chief Executive Officer"), chairman of finance and investment committee (the "Finance and Investment Committee"), member of corporate governance committee (the "Corporate Governance Committee"), member of remuneration committee (the "Remuneration Committee") and authorised representative (the "Authorised Representative") pursuant to Rule 3.05 of The Rules Governing the Listing of Securities (the "Listing Rules") on The Stock Exchange of Hong Kong Limited (the "Stock Exchange") of the Company and all positions, roles and duties within the Group as he has attained the age of retirement and his director service agreement would also come to an end on 23 October 2022. Mr. Chen has confirmed that he has no claims whatsoever against the Company for fees, severance payments, expenses, damages, remuneration or compensation for loss of office or otherwise and he has no disagreement with the Board and there are no other matters relating to his retirement that need to be brought to the attention of the shareholders of the Company and the Stock Exchange. The Board would like to express its sincere gratitude to Mr. Chen for his valuable contributions to the Board and the Company during his tenure of office.

Following the retirement of Mr. Chen, Mr. Niu Jianmin ("Mr. Niu"), who is currently an Executive Director, was appointed as the Chairman of the Board, the chairman of Finance and Investment Committee, the member of Corporate Governance Committee and the member of Remuneration Committee with effect from 23 October 2022. Mr. Niu, aged 55, is currently the president of (Kyrgyzier Neftegaz Limited Liability Company), an indirect non-wholly owned subsidiary of the Company, since March 2018. He was appointed as an Executive Director on 1 March 2020 and is also a director of certain subsidiaries of the Group.

Mr. Niu was graduated from the Russian major of Kunlun Vocational College in Xinjiang in 1991 and graduated from the Russian language and literature of Tashkent Normal University in 1995. In 2018, he entered the Kyrgyz Humanities University and studied for a master's degree in economic management. Mr. Niu has over 30 years of experience in oil and energy industry.

Prior to joining the Company, he served as the deputy general manager of Xinjiang Yaxin International Economic and Trade Co. Ltd. from 1991 to 2002. He was also the general manager of Xinjiang Lishida Aluminum International Trade Co.

Ltd. from 2002 to 2009. From 2009 to 2018, he was employed in several oil and energy related companies, mainly responsible for acquisition, exploration and development of Kazakhstan oilfield projects. Mr. Niu entered into a director service agreement with the Company for a term of three years commencing from 1 March 2020.

Mr. Niu will receive an annual remuneration package of RMB 800,000 with a discretionary bonus. His remuneration package was determined by the Board on the recommendation of the Remuneration Committee and by reference to his experience, qualifications, duties and responsibilities in the Company as well as the current market conditions. Mr. Niu is subject to retirement by rotation and re-election at an annual general meeting of the Company in accordance with the Company's articles of association and the Listing Rules.