BANDAR SERI BEGAWAN, Sept. 16 (Xinhua) -- Hengyi Industries Sdn Bhd, a petrochemical joint venture between Brunei and China, said on Wednesday that the company is planning to invest about 13.654 billion U.S. dollars in the construction of the second phase of its oil refinery and petrochemical project at Pulau Muara Besar (PMB), a 955-hectare industrial park on an island at the Brunei Bay.

Chen Liancai, Hengyi's chief executive officer, told Xinhua that the construction of the proposed second phase of PMB oil refinery and petrochemical project is expected to last for three years, and that it will add 14 million tons of crude oil processing capacity per year upon completion.

"After the completion of the second phase, our products will not only meet the domestic market demand in Brunei, but also supply the regional and international markets", Chen said, adding that the construction plan of the second phase is currently awaiting approval from the Brunei government.

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.

Hengyi invested about 3.45 billion U.S. dollars in the first phase of its PMB oil refinery and petrochemical project, which went into full operation in November 2019 and equipped the company with 8 million tons of crude oil processing capacity per year.

Wang Xiaolin, President of the Chinese Enterprise Association in Brunei and General Manager of Bank of China Brunei Branch, told Xinhua that while oil and gas exports still play an important role in Brunei's economy, Hengyi's PMB oil refinery and petrochemical project has become an important stabilizer for the local economy in the face of a continued low oil price.

"The second phase of Hengyi's PMB project is expected to create more jobs in Brunei, boost local industries and growth and help achieve the diversification of Brunei's economy," Wang added.