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On August 22, 2025, CNOOC announced that its Daxie Petrochemical Integration Project in Ningbo, Zhejiang, had been fully completed and put into operation. This project is the largest base in China for the direct conversion of heavy oil into olefins; it involves an investment of 21 billion yuan, makes use of domestically developed processing technologies, and has an annual production capacity of 1.2 million tons of polyethylene and propylene. Over the years, Daxie Petrochemical has focused on improving the efficiency of resource utilization and the value of its industrial chain, establishing a complete 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. After the commissioning of this facility, Daxie Petrochemical’s olefin production capacity reached 1.8 million tons per year, making it the largest production base in China for the direct conversion of heavy oil into olefins.