HENGYI Industries Sdn Bhd yesterday reached another milestone in its progress to develop an integrated oil refinery and aromatics plant at Pulau Muara Besar (PMB) with the inauguration of Hengyi Industries International Pte Ltd (HII) based in Singapore.
Established as the refinery’s commercial arm to support the operations of the refinery in Brunei Darussalam, Hengyi Industries International Pte Ltd will act as the intermediary between the major oil players in the region and Hengyi Industries Sdn Bhd. The organisation will serve as the centre to source for all the raw materials that the refinery will consume as well as to secure sales channels for the refined products manufactured by the refinery.
HII will also function as the sole marketer for the refined products and petrochemicals from the refinery and on top of that, carry out third-party trade, hedging and other businesses to improve profitability and competitiveness, thus expanding the scale of operations in Singapore.
The event, held at the Conrad Centennial Hotel in Singapore was attended by Haji Rozaimee bin Dato Paduka Haji Abdullah, Acting High Commissioner of Brunei Darussalam to Singapore; Fang Xinwen, Chargé d’Affaires ad interim, Embassy of the People’s Republic of China in Singapore; Haji Abu Bakar bin Haji Ibrahim, Managing Director of Strategic Development Capital Fund, Brunei; Qiu Jian Lin, Chairman of Zheijiang Hengyi Group, as well as senior government officials and industry partners from Singapore and Brunei.
Early this year, Hengyi Industries Sdn Bhd announced its final investment decision for Phase 1 of the project to be valued at US$3.445 billion. Once operational, the Hengyi plant will process approximately eight million tonnes (175,000 barrels per day) of crude and condensate annually and produce approximately 1.5 million tonnes of paraxylene, and 500,000 tonnes of benzene as well as refined products such as gasoline, jet fuel and diesel.
Hengyi Industries Sdn Bhd’s PMB project benefits from access to Brunei’s many investment incentives provided to foreign investors, including a preferential tax and a stable environment for foreign companies to plan and invest with confidence.
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