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Hengyi plans USD13.65-billion second phase of Brunei project

September 21/2020

MOSCOW (MRC) -- Chinas Hengyi Petrochemical Co Ltd plans to spend USD13.65 billion to build the second phase of a refinery and petrochemical complex in Brunei, it said on Tuesday in a stock filing, said Reuters.

Hengyi, one of the few private Chinese firms operating a refinery outside China, plans to add a 14 million tonne per year (280,000 barrel per day) crude oil refinery and a two million tpy paraxylene unit at its complex in Palau Muara Besar, the company said.

It will also build a 1.65 million tpy ethylene plant and 2.5 million tpy purified terephthalic acid (PTA) facility. Paraxylene and PTA are key materials for making polyester fibre used in textiles and packaging.

Construction will take three years and the investment is expected to bring an additional annual net profit of about USD1.72 billion, the firm said, without giving a date for starting work.

As MRC informed earlier, Hengyi in 2019 started up a 160,000-bpd refinery and petrochemical facilities at the same site at Palau Muara Besar. The companys phase I project at the same site started commercial operation in November 2019. It has an 8m tonne/year refining capacity and can produce 1.5m tonnes/year of PX, 500,000 tonnes/year of benzene, and 6m tonnes/year of oil products including gasoline, diesel and kerosene.

According to MRC's ScanPlast report, Russia's overall PE production totalled 1,712,400 tonnes in the first seven months of 2020, up by 58% year on year. Linear low density polyethylene (LLDPE) accounted for the greatest increase in the output. At the same time, overall PP production in Russia increased in January-July 2020 by 24% year on year to 1,063,700 tonne. ZapSibNeftekhim accounted for the main increase in the output.


mrcplast.com
Author:Anna Larionova
Tags:PP, PE, paraxylene (PX), PET-granulate, Hengyi Petrochemical.
Category:General News
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