China-Brunei joint venture signs Phase 2 petrochemical project deal

BANDAR SERI BEGAWAN, Nov. 8 (Xinhua) -- Hengyi Industries, the largest joint venture between Brunei and China, signed an Implementation Agreement for the Pulau Muara Besar (PMB) Phase 2 Development Project on Wednesday, marking another milestone for the flagship petrochemical project.

Hengyi Industries is a joint venture between China's Zhejiang Hengyi Group and Damai Holdings, a wholly-owned subsidiary under the Brunei government's Strategic Development Capital Fund, owning 70 percent and 30 percent of the shares, respectively.