Group 1 - China National Offshore Oil Corporation (CNOOC) announced the completion of the Dasha Petrochemical Integration Project in Ningbo, Zhejiang, marking a significant addition to China's largest petrochemical industrial base [1][3] - The total investment for the project is 21 billion yuan, with the core production unit being a 3.2 million tons per year catalytic cracking unit, utilizing domestically developed technology for direct cracking of heavy oil [3] - The unit is capable of producing 1.2 million tons of polymer-grade ethylene and propylene annually, making it the largest single unit for direct conversion of heavy oil to polymer-grade olefins in the country [3] Group 2 - After the commissioning of the catalytic cracking unit, the Dasha Petrochemical's olefin production capacity will reach 1.8 million tons per year, establishing it as the largest production base for direct conversion of heavy oil to olefins in China [3]

Core Viewpoint - China National Offshore Oil Corporation (CNOOC) announced the completion of the Dasha Petrochemical Refining and Integration Project in Ningbo, Zhejiang, which is significant for enhancing the efficient conversion of heavy oil and improving the self-sufficiency of high-end chemical materials [2]. Investment and Production Capacity - The total investment for the project is 21 billion yuan, with core facilities having an annual production capacity of 3.2 million tons [2]. - The project can produce 1.2 million tons of polymer-grade ethylene and propylene annually, which are essential raw materials for everyday products such as mineral water bottles, food packaging bags, and synthetic clothing [2]. Industry Impact - The Dasha Petrochemical project will increase the annual production capacity of olefins to 1.8 million tons, making it the largest heavy oil direct conversion to olefins production base in the country [2]. - The completion of this project will further enhance China's core chemical process and equipment self-construction capabilities, leading the petrochemical industry towards refinement and greening [2].