China’s chemical fibre products manufacturer Hengyi Petrochemical is reportedly planning to spend $13.65bn to build the second phase of a refinery and petrochemical complex in Brunei.
Hengyi plans to add a 14Mpta (equivalent to 280,000 barrels per day) crude oil refinery and a 2Mtpa paraxylene unit at its Palau Muara Besar complex.
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It also intends to build a 1.65Mtpa ethylene plant and a 2.5Mtpa purified terephthalic acid (PTA) facility, Reuters reported.
Paraxylene and PTA are the potential materials for making polyester fibre used in textiles and packaging.
Construction of the petrochemical complex will take three years.
According to the company, investment on the project is expected to bring an ‘additional annual net profit’ of around $1.72bn.
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By GlobalDataHengyi did not disclose a date for starting work at the site.
Last year, Hengyi started up a 160,00bpd refinery and petrochemical facilities at the complex in Palau Muara Besar.
Hengyi is one of the few private Chinese firms operating a refinery outside of China.
