Chairman of Zhejiang Hengyi Group Co Ltd and Hengyi Industries Sdn Bhd Qiu Jianlin yesterday iterated that Hengyi remains committed to meeting the localisation target, nurturing local talents, protecting the environment and contributing to Brunei’s economy.
At the signing of the Implementation Agreement for Pulau Muara Besar (PMB) Phase 2 Development Project between Petroleum Authority of Brunei Darussalam, Brunei Economic Development Board and Hengyi Industries Sdn Bhd and the Memorandum of Understanding between Zhejiang University and Universiti Brunei Darussalam (UBD), Qiu Jianlin mentioned about achieving a business relationship mutually beneficial to both countries.
“As a responsible project sponsor, Hengyi’s focus extends beyond just financial success, as we are also dedicated to making a meaningful contribution to Brunei’s economic growth and social development,” he added.
He emphasised that Hengyi, as a responsible project sponsor and Brunei’s largest foreign direct investor, remains committed to meeting the Local Business Development directives for contributing to the Brunei economy.
“Hengyi’s commitment under Phase 2 Implementation Agreement extends beyond meeting localisation targets through its scholarship programmes and direct hiring of senior local talents.
“We are also focused on fostering the development of further downstream business opportunities and crucially, ensuring the protection of our environment through robust environmental monitoring systems. Plans are currently being developed towards the development of clean energy technologies such as solar and wind power,” he added.
Qiu Jianlin recalled the initial stages of the land preparation and construction phase, to the successful startup and operation of Phase 1 of the petrochemical plant.
He thanked the Government of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam for the support and assured Hengyi will continue to uphold the highest standards and diligently adhere to every requirement set forth by His Majesty’s Government.
Since the start of operations of Phase 1 in November 2019, the plant has operated seamlessly and consistently surpassed its designed processing capacity, he said.
In 2022, Hengyi’s gross domestic product (GDP) contribution was 9.3 per cent, its gross value added (GVA) was BND2.17 billion, with sales revenue at BND8.15 billion, and export contribution up to BND7.18 billion, accounting for 53.9 per cent of the country’s exports.
He shared, “We have also been working closely with local institutions to develop and train local talents. This investment aims to ensure the young talents are well-prepared to join our workforce upon the successful completion of the various scholarship and collaboration programmes we have with local institutions.
“We have cooperated with UBD, Institute of Brunei Technical Education (IBTE) and Politeknik Brunei (PB). As of Q3 this year, 799 students have been trained through these scholarship and collaboration programmes, and 150 students have joined Hengyi,” he added. – James Kon