Hengyi Brunei Investments Raises Optimism, Creates Jobs

Hengyi investment raises optimism, says Minister
on: March 28, 2017

| Danial Norjidi |

THE Hengyi Industries’ Crude Oil Refinery and Aromatics Cracker Complex project on Pulau Muara Besar is a testament to Brunei’s attractiveness to reputable international companies as one of the top destinations for foreign direct investments.

This point was made by Pehin Orang Kaya Laila Setia Dato Seri Setia Awang Haji Abdul Rahman bin Haji Ibrahim, Minister at the Prime Minister’s Office and Minister of Finance II, in his keynote speech during the Implementation Agreement signing yesterday between Hengyi Industries Sdn Bhd, the Energy and Industry Department at the Prime Minister’s Office and the Brunei Economic Development Board.

“The signing of this Implementation Agreement is a significant milestone for Brunei Darussalam in its continued objective towards a more conducive and pro-business environment,” he said.

“As such, I am happy to be joined today by fellow members of the Steering Committee for Foreign Direct Investment and Downstream Industries, as well as Yang Jian, the Ambassador of the People’s Republic of China to Brunei Darussalam.”

“The Hengyi Industries’ Crude Oil Refinery and Aromatics Cracker Complex on Pulau Muara Besar is one of the largest single foreign direct investments the country has seen in recent years, raising optimism about the development aspects and opportunities this project would bring to the country and its people,” he continued.

“Furthermore, the successful collaboration of this Joint Venture Company – between the Strategic Development Capital – under the Sustainability Fund of the Ministry of Finance and Zhejiang Hengyi Petrochemical highlights the strong and good relationship between Brunei and China.

“In addition to contributing to the country’s economic diversification and creating jobs for Bruneians, the company is expected to generate business spinoffs for local companies, including small and medium enterprises (SMEs).

“The formalisation of the Implementation Agreement is therefore important, as it outlines, among others, Hengyi Industries’ commitment to regulations and compliance requirements, and its contributions to the country’s economic and social development.”

“I am also pleased to share Hengyi Industries’ commitment to provide job opportunities to Bruneians at various levels,” he added.

“During the implementation stage, there will be a total of 5,000 employment opportunities in various construction fields.

“In the first phase alone, Hengyi Industries expects to offer 971 employment opportunities, of which 40 per cent will be open to locals, from the first year of operation.

“To date, Hengyi Industries already has a 120-strong workforce, of which 62 per cent are locals.”

The minister further shared, “To ensure the 40 per cent local content requirement in its first year of operation, Hengyi Industries, with the assistance of Ministry of Education, through Universiti Brunei Darussalam (UBD), has successfully implemented a scholarship programme that has taken in students from UBD to study at Zhejiang University in China, which includes industrial experience in petrochemical plants.

“Thirteen scholars from the first cohort have joined Hengyi Industries as employees and a further 30 from the second and third cohorts are currently undergoing their internship within Hengyi’s operations in Brunei and China.

“On February 14 this year, 14 more students signed on to join this scholarship programme.

“Hengyi Industries’ investment will also contribute to the development of Pulau Muara Besar as an industrial site that is able to accommodate more projects and activities, including construction and logistics, security and maintenance services.”

The minister explained that, as part of efforts to facilitate this development, the Brunei Government has embarked on the construction of a four-lane, sea-crossing bridge, which will connect the mainland to Pulau Muara Besar, a distance of about 2.7 kilometres.

“This will facilitate the movement of personnel, as well as provide vital services and utilities to the island,” he said.

“The signing of the Implementation Agreement today is the result of numerous successful discussions and cordial negotiations between the signing parties.

“With mutual trust and respect, I am confident that Hengyi Industries’ decision to choose Brunei as their investment destination will prosper as we work together earnestly to fulfil the objectives of the company and also the aspirations of the country, Insya Allah.

“In closing, I would also like to thank the Energy and Industry Department at the Prime Minister’s Office, FDI Action and Support Centre, DARe (Darussalam Enterprise), the Brunei Economic Development Board and all government agencies for the assistance that they have provided to Hengyi Industries, to ensure their investment into Brunei is successful.”

Courtesy of Borneo Bulletin