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The Hengyi refinery project in Brunei, a joint venture between Hengyi Industries and the government, is set to significantly boost the economy with a projected contribution of $1.3 billion to GDP in 2020. It aims to enhance local employment and reduce unemployment rates through various economic activities and job creation.

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The Scoop Article

Published on 1st March 2019

Hengyi Industries' crude oil refinery and petrochemical plant in Brunei, a joint venture with the government, is set for completion in July 2019, with operations beginning by year-end. The $3.4 billion project in Pulau Muara Besar is expected to add $1.3 billion to Brunei's GDP in 2020. With a refining capacity of 175,...

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Hengyi Industries' crude oil refinery and petrochemical plant in Brunei, a joint venture with the government, is set for completion in July 2019, with operations beginning by year-end. The $3.4 billion project in Pulau Muara Besar is expected to add $1.3 billion to Brunei's GDP in 2020. With a refining capacity of 175,000 barrels daily, the refinery will initially export to China. Hengyi plans to invest an additional $12 billion for phase two development, which aims to significantly enhance local employment, reduce national unemployment, and stimulate various economic spin-offs. This project represents Brunei's largest foreign direct investment.

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