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 current production and operation of the project are stable, all products are qualified, and we have entered the stage of commercial operation. It is expected to continue to increase the load to full production in a short period of time,” Chen Liancai, CEO of Hengyi Industries, told Xinhua on Monday.
“As a company with a strong sense of corporate social responsibility, Hengyi is committed to meet local demand for petroleum products. We also invest heavily in upgrading the quality of fuel products from Euro 2 to Euro 5, which is a giant leap forward aiming to better preserve the environment for Brunei,” Chen said.
“Hengyi will not only be able to meet the domestic market demand but also help to drive export to international market and improve trade balance. With this we look to align ourselves with the Brunei national aspiration and contribute towards developing and diversifying Brunei economy,” he added.
Haji Mat Suny, the country's Minister of Energy, Manpower and Industry said in February that after full operation, the Hengyi project is expected to increase Brunei's GDP by 1.33 billion U.S. dollars in the first year and create more than 1,600 jobs.
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