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Hengyi Industries starts first phase of oil refinery and petrochemical project – ChinaTexnet.com
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Hengyi Industries starts first phase of oil refinery and petrochemical project

2019-11-05 09:25:27 CCFGroup

Hengyi Industries Sdn Bhd has successfully started the first phase of oil refinery and petrochemical project with a crude oil refining capacity of eight million tonnes per year at Pulau Muara Besar (PMB), a 955-hectare industrial park on an island at the Brunei Bay.



The project has achieved on-spec gasoline, diesel, aviation kerosene, paraxylene and benzene, etc, marking the commercial operation of PMP Petrochemical Project. The company is expected to raise operating rate to full capacity soon.

According to Chen Liancai, CEO of Hengyi Industries, Hengyi's PMB project is being developed in two phases. The first phase takes up 276 hectares of land and a total investment of US$3.45 billion, and Hengyi commits a possible further US$12 billion for development of the second phase.

The first phase of the project has a processing capacity of eight million tons of crude oil per year. The crude oil needed for the project will be provided partially by Brunei, and the rest will be imported from the surrounding oil-producing countries.

Hengyi Industries is a joint venture of Zhejiang Hengyi Group (70%) and Damai Holdings, a subsidiary of the Brunei government's Strategic Development Capital Fund (30%).

Hengyi's investment into PMB is the largest foreign direct investment in Brunei from China so far, which is bound to help the Southeast Asian country to upgrade its industries, alleviate its dependence on oil export and also to boost the economic and trade cooperation between Brunei and China.

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