China’s Hengyi Petrochemical is reportedly moving ahead in earnest with Phase 2 expansion of its Pulau Muara Besar (PMB) refining and petrochemical complex in Brunei, backed by a $13.6 billion investment package. Phase 2 was officially launched after securing financing support from Bank Islam Brunei and others along with a tax incentive certificate from the Brunei government, with completion targeted for the end of 2028.
The PMB complex has been operated by Hengyi Petrochemical since late 2019, and Phase 2 plans to add 12 million tons per year (approximately 240,000 bpd) of crude refining capacity, more than doubling total processing capacity to about 20 million tons per year (approximately 400,000 bpd). Phase 2 facilities reportedly include a 1.65-million-ton-per-year ethylene cracker, a 2.5-million-ton-per-year PTA (Purified Terephthalic Acid) and 2.2-million-ton-per-year PET (Polyethylene Terephthalate, polyester feedstock) unit, and three new docks. Key products are reportedly diesel, paraxylene (PX), benzene, and polypropylene (PP) — higher-value refining and petrochemical products. The original report does not specify a process technology licensor, so detailed licensor information is not available.
Phase 2 investment is $13.6 billion, adding 12 million tons per year (crude basis) of capacity for a total of 20 million tons. Commercial operation is targeted for 2029 following completion, with more than 2,000 new jobs expected to be created, about half of which are planned to be filled by local Bruneian workers.