Hengyi Industries, the largest collaboration between Brunei and China, achieved a significant milestone with the signing of the implementation agreement for the Pulau Muara Besar (PMB) phase two development project. The event marks a noteworthy advancement for the flagship petrochemical initiative.
Hengyi Industries is a partnership between China’s Zhejiang Hengyi Group and Damai Holdings, a wholly-owned subsidiary of the Brunei government’s strategic development capital fund, holding 70% and 30% of the shares respectively.
The initial phase of the Hengyi PMB petrochemical project commenced operations in November 2019. As reported by The Star, the successful completion of phase two is poised to augment the crude oil refining capacity by an additional two million tons annually.
