CNOOC has announced the successful completion of its Daxie Petrochemical Refining and Petrochemical Integration Project in Ningbo, Zhejiang Province, with a total investment of RMB 21 billion. The core unit of this project boasts an annual production capacity of 3.2 million tons and is capable of generating 1.2 million tons of polymer-grade ethylene and propylene annually. These materials are essential for the manufacture of everyday items such as mineral water bottles, food packaging bags, and chemical fiber clothing. Upon its commencement of operations, the Daxie Petrochemical's olefins production capacity will surge to 1.8 million tons annually, positioning it as China's largest production base for the direct conversion of heavy oil into olefins. This milestone holds significant importance in enhancing the domestic control and self-sufficiency of high-end chemical materials.