Hengyi Petrochemical issued an announcement stating that, in order to further implement the company’s development strategy and actively respond to the policy guidance and cooperation intentions of the Brunei Darussalam government, and after comprehensive analysis and careful evaluation of various favorable factors such as market environment, resource endowment, and policy support, it has decided to fully launch the construction of the second phase of the PMB petrochemical project (i.e., the Brunei Refining and Chemical Phase II project), and strive to complete it by the end of 2028.
The announcement shows that Hengyi Petrochemical has recently obtained the relevant tax incentive certificate issued by the Brunei Darussalam government, the letter of intent for financing and loan issued by Brunei Islamic Bank, and the shareholder loan commitment letter issued by Damai Holdings Limited, the shareholder of Hengyi Brunei Company. The loan funds will be used for the investment and construction of the Brunei Refinery Phase II project.
In addition, the design capacity of the Brunei Refinery Phase 2 project has been optimized and adjusted to 12 million tons per year, mainly producing diesel, PX, benzene, polypropylene, and other high value-added refined oil products and chemical products. After the project is completed, the total capacity of Brunei refineries will reach 20 million tons per year.