Founded in 1974 and formally established as a group in 1994, Zhejiang Hengyi Group is a large-scale, multinational private petrochemical conglomerate headquartered in Hangzhou, Zhejiang Province. It has been consistently ranked among the *Fortune* Global 500 for several consecutive years. The Group’s publicly listed subsidiary, Hengyi Petrochemical, operates in partnership with Rongsheng Group to develop the Yisheng PTA/PET industrial cluster. Its business portfolio spans petroleum refining, PTA, polyester chemical fibers, petrochemical trading, modern logistics, industrial finance, and the research and development of new materials.

A flagship initiative of the Group is the Hengyi Brunei Refining and Petrochemical Project—a key undertaking under the national "Belt and Road Initiative" and the largest foreign investment project in Brunei’s history. The first phase, which has an annual crude oil processing capacity of 8 million tons, integrates the entire value chain from crude oil to finished chemical fiber products; the second phase is currently under construction. The Group operates a national-level enterprise technology center and a post-doctoral research workstation, holds hundreds of authorized patents, and maintains continuous investment in the R&D of new materials and low-carbon processes. Committed to sustainable development, the Group actively fulfills its social responsibilities—ranging from ensuring safe production and promoting energy conservation and emission reduction to supporting rural revitalization and educational initiatives. Its products are widely used in sectors such as textiles and apparel, food packaging, films, and engineering plastics. With a global business footprint, Hengyi Group stands as a representative enterprise for the internationalization of China’s private petrochemical industry.