LINE

Text:AAAPrint
Economy

Chinese petrochemical company announces investment to Brunei

1
2017-03-28 10:31Xinhua Editor: Gu Liping ECNS App Download

Hengyi Industries Sdn Bhd (Hengyi), a joint venture company co-formed by China's Zhejiang Hengyi company and its Bruneian partner, announced an investment decision worth 3.445 billion U.S. dollars to Brunei on Monday.

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 Hengyi company chairman, said in his speech at a ceremony to celebrate the the signing of the agreement.

The agreement 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.

"The Hengyi Industries' Crude Oil Refinery and Aromatics Cracker Complex on Pulau Muara Besar, is one of the largest single foreign direct investments the country has seen in recent years," the Minister at the Prime Minister's Office and Second Minister of Finance, Abdul Rahman said on the ceremony.

According to Hengyi, the planned petrochemical plant will process annually approximately 8 million tonnes (175,000 barrels per day) of crude and condensate and produce approximately 1.5 million tonnes of paraxylene, 500,000 tonnes 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.

 

  

Related news

MorePhoto

Most popular in 24h

MoreTop news

MoreVideo

News
Politics
Business
Society
Culture
Military
Sci-tech
Entertainment
Sports
Odd
Features
Biz
Economy
Travel
Travel News
Travel Types
Events
Food
Hotel
Bar & Club
Architecture
Gallery
Photo
CNS Photo
Video
Video
Learning Chinese
Learn About China
Social Chinese
Business Chinese
Buzz Words
Bilingual
Resources
ECNS Wire
Special Coverage
Infographics
Voices
LINE
Back to top Links | About Us | Jobs | Contact Us | Privacy Policy
Copyright ©1999-2018 Chinanews.com. All rights reserved.
Reproduction in whole or in part without permission is prohibited.