Nan Fang Du Shi Bao·2025-11-13 23:08Core Insights - The China National Offshore Oil Corporation (CNOOC) and Shell's Huizhou Phase III Ethylene Project has made significant progress, with a total investment of 12.52 billion yuan completed by the end of October, representing 34.22% of the total project progress [1][3] - The total investment for the Huizhou Phase III Ethylene Project is approximately 48 billion yuan, which will enhance the ethylene production capacity to 3.8 million tons per year, solidifying its position as the largest single ethylene plant in China [2][3] - The project integrates with existing Phase I and II facilities, improving energy efficiency and extending the product value chain, while also addressing the domestic demand for high-end chemical products [2][4] Project Overview - The Huizhou Phase III Ethylene Project includes the construction of 16 chemical units and supporting infrastructure, with a design capacity of 1.6 million tons per year of ethylene [2] - The project is expected to provide over 5 million tons of chemical products annually, including various high-end chemicals, thereby filling the domestic market gap [2] - The project aims to achieve a 20% reduction in carbon dioxide emissions through optimized project scope and electrification of large compressor units, supporting China's dual carbon strategy [2] Construction Progress - Since the final investment decision in November last year, the construction of the project has been progressing steadily, with over 5,000 workers and more than 480 construction machines on-site [3] - The project management emphasizes collaboration and overcoming challenges to ensure timely completion of key construction phases [3] - CNOOC and Shell have invested over 100 billion yuan in Huizhou over the past 24 years, contributing to the development of a global petrochemical industry hub [3] Market Impact - As a leading enterprise in the Daya Bay petrochemical zone, CNOOC and Shell's operations significantly influence the upstream and downstream industries [4] - More than 80% of the products are supplied to the Guangdong-Hong Kong-Macao Greater Bay Area, with a focus on diverse applications across various sectors [4]