China's Zhejiang Hengyi Company to invest US$3.4 billion in Brunei

30-Mar-17

Hengyi Industries Sdn Bhd (Hengyi), a joint venture company co-formed by China's Zhejiang Hengyi company and its Bruneian partner, has announced an investment decision worth US$3.445 bln to Brunei. With the signing of an implementation agreement, Hengyi reached a milestone in its progress to develop an integrated oil refinery and aromatics plant in Brunei, Qiu Jianlin.
The agreement signed between the two outlines, among others, the execution requirements of the project including Hengyi's obligations in terms of employment and business opportunities to the sultanate and its people. According to Hengyi, the planned petrochemical plant will process annually approximately 8 million tons (175,000 bpd) of crude and condensate and produce approximately 1.5 mln tons of paraxylene, 500,000 tons of benzene as well as refined products such as gasoline, jet fuel and diesel.
The plant will ensure Brunei's self-sufficiency in refined products and boost spinoffs for further high value-added downstream industries.