BANDAR SERI BEGAWAN – Brunei’s government has just inked a joint venture deal with Singapore’s Rotary Engineering Pte Ltd to establish a local subsidiary offering infrastructure services for the domestic oil and gas industry.
The new joint venture company will be named Brunei Rotary Engineering Sdn Bhd and will provide engineering, procurement and construction services to Brunei-based companies, with a view to expansion in other parts of Borneo.
The agreement was signed on Tuesday between the Ministry of Finance and Economy, through the Strategic Capital Development Fund, and Rotary Engineering Pte Ltd.
Rotary was instrumental in the development of Jurong Industrial Estate, building half of the storage tanks on the island and turning Singapore into a major petrochemical hub.
It has subsidiaries in India, China, Indonesia, Thailand, the UAE and Saudi Arabia, and counts Shell, ExxonMobil and Saudi Aramco among its clients. In 2021, it clinched a US$340 million contract to build a petroleum tank farm in Qatar.
The company specialises in constructing storage tanks for the energy and chemical industry, employing over 6,000 people worldwide and raking in an average of $500 million in recent years.
Speaking at the signing ceremony, Brunei’s Second Minister of Finance and Economy, Dato Dr Hj Mohd Amin Liew Abdullah, said: “This partnership aims to establish a robust engineering hub right here in Brunei and offers invaluable knowledge and technology transfer to our local workforce.”
“Beyond our borders, this partnership sets the stage for expansion into regional and international markets, thereby also encouraging our local companies and talents to seek out new opportunities abroad.”