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On the morning of March 1, a meeting was held to advance the construction of key projects for the high-quality development of Yantai in spring. 321 key projects across the city have begun construction in the new year, signaling the start of accelerated efforts to advance these projects. The 400,000-ton/year polyolefin elastomer project of Wanhua Chemical (Penglai) Co., Ltd., which commenced construction at the Penglai site, is located in the Wanhua (Penglai) New Materials Low-Carbon Industrial Park. As a downstream product of ethylene in its second phase, this project represents an important high-end downstream product within the ethylene industry chain, and it can significantly enhance the value of that industry chain. By utilizing Wanhua Chemical’s independently developed technologies, this project can significantly enhance the value of the ethylene industry chain, helping to boost Wanhua Chemical’s competitiveness in the global polyolefin elastomer market and further solidify its leading position in the field of new chemical materials. It is understood that this project is currently the largest industrial production facility of its kind in China. It utilizes technology independently developed by Wanhua, thereby breaking the foreign technological monopoly. It meets the high-demand requirements for corrosion resistance, impact resistance, and light weight in applications such as photovoltaic encapsulation films and automotive components, thus opening up a market worth hundreds of billions of yuan. Once all the facilities of this project are in operation, they will be able to work in conjunction with the 9 production units of Wanhua’s Phase I facility, allowing for the sharing of raw materials and infrastructure, thereby helping Penglai to develop a globally leading cluster for green and low-carbon new materials. As a \"lifeline\" project, the Wanhua New Materials Low-Carbon Industrial Park has fueled the rapid development of Penglai’s \"western wing\". This year, Penglai District will make every effort to ensure the stable operation of Phase 1 of Wanhua’s facilities, and to proceed with Phase 2 construction. By focusing on key industries across the district, optimizing its regional layout, and making concentrated efforts, it aims to pursue a new path of industrialization that suits Penglai’s actual conditions.