Singapore: In potentially significant news initially for breakbulk carriers and later on product tankers, China’s Hengyi Industries has signed up with the Brunei Economic Development Board (BEDB) to build an integrated oil refinery and aromatics cracker project on a 260-hectare area of land on Pulau Muara Besar. The deal is one of the largest foreign direct investments into Brunei ever with phase one of the project estimated to cost some $4bn alone.
The facility will be able to produce petroleum products such as gasoline, diesel, Jet A-1 fuel and petrochemical products like paraxylene and benzene. [29/01/14]
