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Hengyi Industries to set up aromatics plant in Brunei
28
Jan '14
L-R: Metussin, Apong & Shui/BT/Debbie Too
L-R: Metussin, Apong & Shui/BT/Debbie Too
Hengyi Industries Sdn Bhd, a subsidiary of China-based Zhejiyang Hengyi Group, has signed a land lease agreement with the Brunei Economic Development Board (BEDB) for construction of an integrated oil refinery and aromatics plant on Pulau Muara Besar, the largest island in Brunei, reports The Brunei Times.
 
The rescheduled construction of the US$ 20 billion plant is likely to be completed by 2016 and the plant is expected to become operational in early 2017.
 
The agreement was signed by Haji Abdul Manaf Haji Metussin, chief executive officer of the BEDB, and Fang Xian Shui, general manager of Hengyi Petrochemical, in presence of Dato Paduka Haji Ali Apong, chairman of BEDB.
 
In $4 billion phase I of the project, about 150 of the 260 hectares of land would be utilized, and upon completion it would produce petrochemical products like paraxylene and benzene.
 
Dato Ali Apong estimated that about 780 employment opportunities would be created during Phase I of the project.
 
Hengyi’s project will be the second petrochemical project in Brunei, and one of the largest foreign direct investments in Brunei to date.
 

Fibre2fashion News Desk - India

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