A Memorandum of Understanding (MoU) was signed in January 2008, in order to explore the construction of an export-focused industrial park.[8] In 2011, the Ministry of Finance and Economy (MoFE) approved the Zhejiang Hengyi Group to establish the Hengyi Industries Sdn, and began to develop the island.[9] The island is linked by the Pulau Muara Besar Bridge, which was completed in May 2018,[10] and a deep sea container port.[11]
The PMB Refinery operated by the Hengyi company within the PMB Industrial Park,[12][10] was joined by two other Chinese companies (Zhejiang Hengyi Group and Damai Holdings).[12] The industrial park took up a total land area of 955 hectares and are being used to produce petrochemical, oil and gas industries.[11] The Phase 1 and 2 of the project were expected to be completed between late 2019 and 2023.[13][14] The 2nd phase, which began construction on 25 September 2020, will be essential to Brunei's Gross Domestic Product (GDP).[15]
Maritime yard project
Through a public–private partnership, Brunei is constructing its first comprehensive maritime vessel repair and decommissioning yard at Pulau Muara Besar. The goal is to establish a state-of-the-art facility that will serve the local customers, including Brunei Shell Petroleum, initially, and then the regional market, with maintenance, repair, and overhaul services for vessels in the region as well as asset decommissioning, materials recovery, and disposal services.[16] Anson International has agreed to open the island as Brunei's first commercial integrated marine maintenance and decommissioning yard (MMDY) to first meet local needs before expanding into other regions.[17]
The 16 hectares (40 acres)[18] integrated yard that will be built as part of the deal, which was signed on 29 June 2022, at the MoFE, will act as the anchor facility for the Brunei Darussalam Maritime Cluster (BDMC). The Adinin Group of Companies' Qaswa Holdings, a local lead partner in the joint venture, MoFE's Strategic Development Capital Fund, and two foreign companies—UK-based CessCon Decom for decommissioning and South Korea's Dongil Shipyard for marine maintenance—serve as lead technical partners for Anson.[17] After a groundbreaking ceremony on 8 May 2024,[19] the MMDY is expected to open for business by the third quarter of 2025.[20]