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, Bruneian minister at the Prime Minister's Office and second minister of defense as co-chair of the PMB Development Steering Committee, told the signing ceremony held at Empire Brunei that the agreement for the Phase 2 project marked another important milestone in the partnership between Brunei and China, expecting Hengyi to continue upholding high standards to implement the Phase 2 project and make greater contributions to Brunei's socio-economic development.

Xinhua News Agency correspondents reporting from Bandar Seri Begawan.
(XHTV)