Zhejiang Hengyi has signed a land lease agreement with the Brunei Economic Development Board (BEDB) for its Integrated Refinery and Aromatics Cracker Project in Brunei Darussalam.

The China Zhejiang Hengyi (Brunei) PMB Petrochemical Project at Pulau Muara Besar (PMB), Indonesia, is the largest investment project for a privately-owned Chinese company overseas, according to Mr Qui Jian Lin, the Chairman of Zhejiang Hengyi Group.

The project, the largest overseas investment by a privately-owned Chinese firm, is designed to process 15 million tons of crude oil a year and churn out products such as p-xylene and aromatic hydrocarbon.

Zhejiang Hengyi Group Co., Ltd. is a large private corporate group that has a highly integrated industry chain, with the production of purified terephthalic acid (PTA, a commodity chemical used to make polyester), polyester spinning and chemical fiber as its main businesses.