HYPC(SZ:000703) DT新材料·2026-01-06 16:04Core Viewpoint - Hengyi Petrochemical has announced the full launch of the second phase of the PMB petrochemical project in Brunei, aiming for completion by the end of 2028, with a designed capacity of 12 million tons per year [2]. Group 1: Project Overview - The second phase of the Brunei refining project includes refining, aromatics, ethylene, and polyester, with a focus on producing high-value products such as diesel, PX, benzene, and polypropylene [2]. - Upon completion, the total capacity of the Brunei refinery will reach 20 million tons per year, with initial site preparation and sand filling already completed [2]. Group 2: Competitive Advantages - The project benefits from geographical advantages, including convenient crude oil procurement without import quotas and proximity to the Malacca Strait, which reduces logistics costs [3]. - The Brunei project is located in the ASEAN Free Trade Area, offering tax advantages such as an 11-year corporate income tax exemption, extendable to 24 years under certain conditions [4]. Group 3: Strategic Alignment - The advancement of the Brunei phase two project complements Hengyi Petrochemical's domestic strategy, which includes a comprehensive PTA production base along the coast of China with a capacity of 19 million tons per year, ranking first globally [4]. - The integration of products from Brunei and the Guangxi Qinzhou project is expected to enhance logistics efficiency through direct shipping routes, further reducing costs [4]. Group 4: Market Demand - The Southeast Asian market for refined oil products is experiencing tight supply and demand dynamics, with local GDP growth significantly outpacing the global average, leading to sustained demand for refining products [4]. - According to IEA forecasts, the supply-demand gap for refined oil in Southeast Asia is expected to widen to 68 million tons by 2026, presenting significant market opportunities for the Brunei refining project [4].