Joint venture supports Brunei’s economic growth, social development

HENGYI Industries Sdn Bhd, established through a joint venture agreement between Zhejiang Hengyi Petrochemical Co Ltd and Damai Holdings Limited, a wholly owned subsidiary of Strategic Development Capital Fund (SDCF), a trust sub-fund, under the Ministry of Finance and Economy, Brunei Darussalam, fully supports Brunei Vision 2035 which aims to increase foreign direct investment (FDI) and contribute towards the country’s long-term economic growth and social development.

To fulfil the aspiration of both Brunei Darussalam and Zhejiang Hengyi Petrochemical Co Ltd to further develop the downstream sector and to integrate production activities, both parties have joined together to develop a world-class refinery and integrated petrochemical in Brunei Darussalam.

It is one of the most significant development projects in the area of economic and trade between Brunei Darussalam and the People’s Republic of China.

This significant project is split into a two-phase development schedule.

During Phase 1, the refinery is expected to have the capacity to refine 175,000 barrels of crude oil per day, churning out refined products to cater for domestic demand and aromatics for export to China as feedstock for Zhejiang Hengyi Petrochemical Co Ltd’s assets.

Phase 2 includes plans for further expansion of the aromatics and cracker plant, providing the building blocks for the petrochemical industry.

In addition, the Pulau Muara Besar Oil Refinery and Petrochemical Complex undertaken by Hengyi Industries Sdn Bhd is fully committed to implementing the Bruneianisation Directive, in full support to the aspiration 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 to achieve 90 per cent local employment not only in the oil and gas sector but also the rest of the industry.

Looking into the future, the company plans to increase localisation efforts by at least five per cent every year which is targetted to provide more direct and indirect employment opportunities for Bruneians, thus contributing towards Brunei Darussalam’s economy and supporting Brunei Vision 2035 to create new employment for the people.

Furthermore, Hengyi Industries Sdn Bhd also complies with the Local Business Development Directives in which the company has engaged with local businesses in the areas of telecommunications, logistics, security, maintenance, survey works and consultancy during the construction phase. Hengyi Industries Sdn Bhd aims to create more value and opportunities for local companies during the operations stage.

Hengyi Industries Sdn Bhd also strives to uphold the uncompromising pledge to the health and safety of the nation, its people, and facilities by fully complying with Brunei Darussalam government’s strict environmental legislation and implementing the world’s best practices to protect the environment.