A privately-owned company in east China's Zhejiang province said Wednesday its 6-billion-U.S.-dollar investment in a petrochemical plant in Brunei benefits both sides.

Zhejiang Hengyi Group Co., China's largest chemical-fiber supplier for the textile industry, said in a statement it will build a petrochemical plant with a total investment of 6 billion U.S. dollars in the oil- and gas-rich ASEAN member state.

The project, the largest overseas investment by a privately-owned Chinese firm, is designed to process 15 million tonnes of crude oil a year and churn out products such as p-xylene and aromatic hydrocarbon.

Brunei authorities have welcomed the project, as the plant is projected to create over 2,000 jobs, mostly for locals, and local organizations and companies can also take a stake of up to 30 percent in it, the Brunei Economic Development Board said in a statement.

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