Hengyi Industries

EnergyNo. 5 in Brunei

Brunei

Founded

n/a

Headquarters

Pulau Muara Besar, Brunei

Ticker

n/a

Sector

Energy

Stock performance

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History

Hengyi Industries is a joint venture between China's Zhejiang Hengyi Group, which holds 70%, and a Brunei government investment company. Its refinery and petrochemical complex on Pulau Muara Besar island reached full commercial operation in 2019, and a much larger second phase has been planned.

Business model

The complex refines imported crude oil, about 175,000 barrels a day, into gasoline, diesel, jet fuel, and aromatics used to make polyester, supplying Brunei's domestic fuel needs and exporting the rest.

Market position

Hengyi's complex is the largest industrial project in Brunei and one of the largest Chinese investments in Southeast Asia under the Belt and Road Initiative.

Country impact

The refinery has noticeably lifted Brunei's GDP and exports and is a centerpiece of the country's plan to move into downstream industries, though it also deepened economic ties with China.