We Are Hengyi
Under the rule of a reigning monarch for the past 600 years, the prosperous nation of Brunei Darussalam has created an environment that is economically and politically stable. Its strategic location at the heart of South East Asia makes Brunei Darussalam an ideal location for export-oriented activities. Today’s wave of economic globalization led to the union of both Brunei and China’s dreams namely Brunei Vision 2035 and China’s Belt and Road Initiatives which simultaneously foster the friendships between China and Brunei.
Following Brunei Vision 2035 to increase Foreign Direct Investment (FDI), Zhejiang Hengyi Petrochemical Co. Ltd had entered into a Joint Venture Agreement with Damai Holdings Limited, a wholly owned subsidiary of Strategic Development Capital Fund (SDCF), a Brunei government trust sub-fund in creating Hengyi Industries Sdn Bhd, being one of the largest overseas investment by a private Chinese company in Brunei.
Both Brunei’s desire to further develop its downstream sector and Zhejiang Hengyi’s aspiration to back integrate its production activities joined together to create the perfect synergy for both parties to develop a world-class refinery and integrated petrochemical complex in Brunei today. Hengyi’s Oil Refinery and Aromatics complex is currently one of the most significant development projects in the area of economic and trade between the two countries.
The project is split into a two-phase development schedule. During the first phase, the refinery is expected have the capacity to refine 160,000 barrels of crude oil per day, churning out refined products to cater for domestic demand and aromatics for export to China as feedstock for Zhejiang Hengyi Petrochemical Co Ltd’s assets. The second phase includes plans for further expansion of the aromatics and cracker plant, providing the building blocks for the petrochemical industry.
With the aspiration to be the leading petrochemical plant in the region, Hengyi Industries strive to achieve excellence in developing petrochemicals through pursuing innovation and business sustainability. Alongside this, career prospect is ensured through direct and indirect employment opportunities to local talents. The company also makes an initiative to sustain Brunei’s beauty through minimizing environmental impact and ensuring safety throughout the industrial plant through the implementation of Workplace Safety and Health Order.
From its modest early stages at the lower end of the value chain, Hengyi Industries is now gradually diversifying and venturing into more sophisticated and capital-intensive businesses.