On May 12, 2023, Ningbo Municipal Development and Reform Commission issued an approval on the approval of Sinopec Ningbo Zhenhai Refining and Chemical Co., Ltd. to expand 1.5 million tons/year ethylene and downstream high-end new material industry cluster project. After completion, Zhenhai Refining and Chemical will form an annual refining capacity of 38 million tons/year and 2.2 million tons/year of ethylene, becoming the world's top five refining and chemical production base.