China-based Hengyi Petrochemical’s $4.3 billion refinery in Brunei has received the go-ahead from China’s National Development and Reform Commission. The company will now submit applications to relevant authorities in order to start construction. Under the first phase of the project, facilities to produce 1.5 million tonnes of paraxylene, 500,000 tonnes of benzene, 1.5 million tonnes of diesel, and 400,000 tonnes of gasoline annually will be set up. They should be operational by end-2015. Hengyi will spend $1.5 billion of its own funds and acquire a loan for the remaining amount.
