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On August 22, CNOOC announced that the CNOOC Daxie Petrochemical Integration Project (hereinafter referred to as Daxie Petrochemical), which is under the company’s ownership, has been fully completed in Ningbo, Zhejiang. This marks the completion of China’s largest world-class petrochemical industry base in Ningbo, Zhejiang, and it holds great significance for promoting the efficient conversion of heavy oils and enhancing the country’s ability to produce high-end chemical materials independently. It is reported that the total investment in this project amounts to 21 billion yuan. It is the largest new construction project in China’s petrochemical industry sector. The core production facilities utilize a set of technology developed in China for the direct cracking of heavy oil to produce chemicals, and it mainly manufactures high-end chemical products such as polypropylene; the degree of localization of this entire production process is 100%. Over the years, Daxie Petrochemical has focused on improving the efficiency of resource utilization and the value of its industrial chain, establishing a comprehensive integrated industrial chain that spans upstream and downstream processes, thereby achieving a leapfrog development from the production of traditional fuels to that of high-end chemical materials. The core unit put into operation this time is a catalytic cracking unit with a capacity of 3.2 million tons per year; it produces 1.2 million tons of polymeric-grade ethylene and propylene annually. It is currently the largest facility in China for the direct conversion of heavy oil into polymeric-grade olefins. The high-purity ethylene and propylene produced by this unit serve as the fundamental raw materials for manufacturing everyday items such as mineral water bottles, food packaging bags, and chemical fiber clothing, thereby supporting people’s basic needs for clothing, food, shelter, and transportation. Upon commissioning, the plant will bring Daxie Petrochemical’s olefin production capacity to 1.8 million tons per year, making it the largest domestic production base for directly converting heavy oil into olefins.