BANDAR SERI BEGAWAN, Aug. 3 (Xinhua) -- Hengyi Industries Sdn Bhd, a petrochemical joint venture between Brunei and China, signed an Islamic Syndicated Term Financing Agreement totaling 263 million U.S. dollars with three local financial institutions on Wednesday.

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.

The financing agreement with Bank Islam Brunei Darussalam (BIBD), Baiduri Bank and Perbadanan Tabung Amanah Islam Brunei(TAIB) marks start of new collaboration between Hengyi Industries and the local financial industry, Chen Liancai, Chief Executive Officer (CEO) of Hengyi Industries told Xinhua at the signing ceremony.

Hengyi invested about 3.45 billion U.S. dollars in the first phase of its oil refinery and petrochemical project in Brunei, which went into full operation in November 2019.

The company's 13.654 billion U.S. dollars second phase project is currently awaiting the green light from the Brunei government.