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China approves Hengyi’s refinery and aromatics investment in Brunei

10:15 AM MDT | March 19, 2013

China’s National Development and Reform Commission (Beijing) has approved a $4.3-billion investment in a refinery and aromatics complex by Zhejiang Hengyi at Pulau Muara Besar, Brunei. Hengyi plans to build a 160,000-bbl/day refinery, sourcing part of the crude oil requirement from Royal Dutch Shell. Hengyi would not have been able to construct a refinery in China because oil refineries in China are owned mainly by PetroChina and Sinopec. Hengyi last year reached a 15-year agreement to buy about 20 million bbl/year of crude oil from Royal Dutch Shell. The...

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