BANDAR SERI BEGAWAN (Xinhua): Brunei's downstream oil and gas sector has made significant progress, Brunei king Sultan Hassanal Bolkiah had announced at the Legislative Council this week.
The GDP contribution of the downstream oil and gas sector has increased from 136 million Brunei dollars (US$101 million) in 2017 to 1,241 million Brunei dollars (US$927 million) in 2023, according to the royal address by the Sultan during the opening of the First Meeting of the 21st Session of the Legislative Council.
Brunei is rich in oil and gas. As a major driver of economic growth, its petrochemical industry produces products such as petroleum, methanol, and urea.
The Sultan also emphasized that Brunei will continue to drive economic growth through new economic activities, such as the production of petroleum intermediate derivatives, making the country a hub for chemical, manufacturing, and food industries, and exploring energy transition towards a sustainable environment.
Brunei has been enhancing cooperation with China in the petrochemical sector under the Belt and Road Initiative, with the establishment of the joint venture Hengyi Industries Sdn. Bhd, a key driver in advancing the development of Brunei's downstream oil sector. - Xinhua
