26 February 2014 08:12 [Source: ICIS news]
SINGAPORE (ICIS)--China’s Hengyi Petrochemical said on Wednesday that a joint venture deal has been signed for its refinery and petrochemical project at Pulau Muara Besar (PMB) in Brunei.
Under the agreement signed on 25 February, Brunei-based Damai Holding will take a 30% interest in the project and Hengyi Petrochemical will hold the remaining 70%, according to a discloser by the company.
Damai Holding is formed and wholly controlled by Brunei’s Strategic Development Capital Fund, established by the country’s financial ministry and specialises in investment on key areas in the country.
The Chinese company said in the previous week that it is seeking local partners to join the project, which is designed to produce 1.5m tonnes/year of paraxylene (PX), 500,000 tonnes/year of benzene and 1.5m tonnes/year of naphtha, among other products.
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