On November 8, 2023, Hengyi Petrochemical Co. Ltd  signed the implementation agreement for Phase II project of the Pulau Mutiara Borneo (PMB) petrochemical project with the Brunei Petroleum Authority and the Brunei Economic Development Board, marking the project entered a new stage. On the same day, Hengyi also signed the memorandum of understanding for joint training program with Zhejiang University and the University of Brunei Darussalam. The implementation agreement specifies the specific requirements put forward by the Brunei Economic Development Board and the Brunei Petroleum Authority for the development, implementation and operation of the Phase II project of Hengyi PMB petrochemical project. The project is committed to developing the downstream industry in Brunei, creating more business opportunities through secondary effects and contributing to the realization of Brunei's Vision 2035. The project is expected to create 2,256 new jobs, with the preliminary target of 50% localization of employees, which will further promote the socio-economic development of Brunei. The Hengyi Brunei PMB petrochemical project is operated by Hengyi Industry (Brunei) Co., Ltd., a joint venture established by Chinese private petrochemical enterprise Hengyi Petrochemical and the government of Brunei. The project is the largest investment project by Chinese enterprises in Brunei to date.