China-Brunei joint venture signs Phase 2 petrochemical project deal

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China-Brunei joint venture signs Phase 2 petrochemical project deal

STORY: China-Brunei joint venture signs Phase 2 petrochemical project deal SHOOTING TIME: Nov. 8, 2023 DATELINE: Nov. 9, 2023 LENGTH: 00:01:10 LOCATION: Bandar Seri Begawan CATEGORY: ECONOMY SHOTLIST: 1. various of the meeting STORYLINE: Hengyi Industries, the largest joint venture between Brunei and China, signed an Implementation Agreement for the Pulau Muara Besar (PMB) Phase 2 Development Project on Wednesday, marking another milestone for the flagship petrochemical project. Hengyi Industries is a joint venture between China's Zhejiang Hengyi Group and Damai Holdings, a wholly-owned subsidiary under the Brunei government's Strategic Development Capital Fund, owning 70 percent and 30 percent of the shares, respectively. The first phase of Hengyi PMB petrochemical project was put into operation in November 2019. The completion of phase 2 will increase the crude oil refining capacity by an additional 2 million tons per year, Qiu Jianlin, Chairman of Zhejiang Hengyi Group, told Xinhua. Haji Awang Halbi,

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