China Huarong Energy : Announcements and Notices - COMPLETION OF MAJOR TRANSACTION

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CHINA HUARONG ENERGY COMPANY LIMITED

(Incorporated in the Cayman Islands with limited liability)

(Stock Code: 01101)

COMPLETION OF MAJOR TRANSACTION

Reference is made to the announcements of China Huarong Energy Company Limited (the "Company") dated 23 October 2020, 16 November 2020, 4 December 2020, 14 December 2020 and 15 January 2021, and the circular of the Company dated 24 December 2020 (the "Circular") in relation to, inter alia, the Acquisition. Unless otherwise defined, capitalized terms and expressions used herein shall have the same meanings as defined in the Circular.

The Board is pleased to announce that all the conditions precedent as set out in the Acquisition Agreement have been fulfilled and the Completion took place on 22 January 2021.

By Order of the Board

China Huarong Energy Company Limited

CHEN Qiang

Chairman

Hong Kong, 22 January 2021

As at the date of this announcement, the Directors of the Company are:

Executive Directors:

Mr. CHEN Qiang (Chairman), Mr. HONG Liang, Ms. ZHU Wen Hua and Mr. NIU Jianmin.

Independent non-executive Directors:

Mr. WANG Jin Lian, Ms. ZHOU Zhan and Mr. LAM Cheung Mau.