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Economy of Brunei Darussalam and business opportunities

Economy of Brunei

Brunei is a country with a small, wealthy economy that is a mixture of foreign and domestic entrepreneurship, government regulation and welfare measures, and village tradition. It is almost totally supported by exports of crude oil and natural gas, with revenues from the petroleum sector accounting for over half of GDP. Per capita GDP is high, and substantial income from overseas investment supplements income from domestic production. The government provides for all medical services and subsidizes food and housing. The government has shown progress in its basic policy of diversifying the economy away from oil and gas. Brunei's leaders are concerned that steadily increased integration in the world economy will undermine internal social cohesion although it has taken steps to become a more prominent player by serving as chairman for the 2000 APEC (Asian Pacific Economic Cooperation) forum. Growth in 1999 was estimated at 2.5% due to higher oil prices in the second half.

Brunei is the third-largest oil producer in Southeast Asia, averaging about 180,000 barrels per day (29,000 m3/d). It also is the fourth-largest producer of liquefied natural gas in the world.

Oil and gas industry

Brunei Shell Petroleum (BSP), a joint venture owned in equal shares by the Brunei Government and the Royal Dutch/Shell group of companies, is the chief oil and gas production company in Brunei. It also operates the country's only refinery. BSP and four sister companies constitute the largest employer in Brunei after the government. BSP's small refinery has a distillation capacity of 10,000 barrels per day (1,600 m3/d). This satisfies domestic demand for most petroleum products.

Brunei's proven oil and gas reserves are sufficient until at least 2015, and planned deep sea exploration is expected to find significant new reserves. The government sought in the past decade to diversify the economy with limited success. Oil and gas and government spending still account for most of Brunei's economic activity. Brunei's non-petroleum industries include agriculture, forestry, fishing, and banking.

Petrochemical industry

In the western part of the country, Liang is currently experiencing a major development with the establishment of SPARK, which is a 271 hectare site developed to be a world class petrochemical hub. The first major investment at SPARK is the USD450 million Methanol plant developed by the Brunei Methanol Company, a joint venture between Petroleum Brunei and two leading Japanese companies, Mitsubishi Chemical Holdings Corporation and Itochu Corporation.

This article is licensed under the GNU Free Documentation License. It uses material from the Wikipedia article "Economy Of Brunei Darussalam"

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This section contains economy and business opportunities and from Brunei Darussalam.
Brunei Darussalam Economy Bruneian Economy, business opportunities in Brunei Darussalam.
Summary:
Construction Of New Covered Parking At Asset Maintenance And Engineering Building AME / 2024-2025 / SH-20
Country:
Brunei Darussalam
 
Notice Type:
Tender Notice
Deadline:
22 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Flight Calibration for Air Navigation Facilities
Country:
Brunei Darussalam
 
Notice Type:
Tender Notice
Deadline:
21 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Television Rental And Installation Services For The Department Of Consumer Affairs For The Use Of The 28th ASEAN Committee On Consumer Protection (28th ACCP)
Country:
Brunei Darussalam
 
Notice Type:
Tender Notice
Deadline:
08 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Landscape Improvement and Maintenance Works Along Jalan Labu, Temburong District.
Country:
Brunei Darussalam
 
Notice Type:
Tender Notice
Deadline:
04 Jun 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Purchase of Personnel Equipment Transport Complete With Trailer - Quantity Four (4) Pieces
Country:
Brunei Darussalam
 
Notice Type:
Tender Notice
Deadline:
18 Jun 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Supply, Deliver, Install, Inspect, Commission and Operate Ambient Air Quality Monitoring Devices to Monitor PM 10 and PM 2.5 Particulate Matter for the Department of Environment, Parks and Recreation
Country:
Brunei Darussalam
 
Notice Type:
Tender Notice
Deadline:
04 Jun 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Supplying and Replacing a New Fan in the Dining Room at the Market and Tutoring Guest Complex Stall
Country:
Brunei Darussalam
 
Notice Type:
Tender Notice
Deadline:
15 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Purchase of Customs Department Desktop
Country:
Brunei Darussalam
 
Notice Type:
Tender Notice
Deadline:
14 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Supply and Installation of Vertical Banners in conjunction with the Celebration of the 78th Birthday of His Majesty the Sultan and Yang Di-Pertuan of Brunei Darussalam for the Year 2024
Country:
Brunei Darussalam
 
Notice Type:
Tender Notice
Deadline:
09 May 2024
Posting Date:
04 May 2024
 
 
 
Summary:
Supply and Delivery of Diapers - Two (2) Years Contract For Treasury Department, Ministry of Finance and Economy
Country:
Brunei Darussalam
 
Notice Type:
Tender Notice
Deadline:
28 May 2024
Posting Date:
02 May 2024
 
 
 

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