DONGYING, China, May 24, 2024 /PRNewswire/ -- A news report from chinadaily.com.cn:

Dongying in East China's Shandong province is making efforts to develop new quality productive forces by building a modern industrial system and promoting the coordinated growth of traditional industries, emerging industries and future industries.

Shandong Tianhong Chemicals Co, a subsidiary of China Wanda Group located in the Dongying Port Economic Development Area, serves as a model for the city in enhancing innovation-driven development.

"The company focuses on high-end green chemical and new materials and has built a high-end petrochemical industrial chain that includes crude oil extraction, port terminals, oil refinement, high-end slurry bed hydrogenation, chemical and fine chemical production, pharmaceutical intermediates, new materials, rubber production, and tire manufacturing," said Gou Yingqun, vice-president of Wanda Group.

According to Gou, Shandong Tianhong Chemicals Co has become one of the leading enterprises in China, with the most extensive and complete industrial chain in the refining and chemical industry.

The company is currently promoting the Hongfeng chemical technology innovation demonstration project, with a total investment of over 20 billion yuan ($2.8 billion), as a way to make breakthroughs in key technologies. The project is expected to generate an additional annual sales revenue of over 60 billion yuan and nearly 10 billion yuan in profits and taxes.

Shengli Oilfield, one of the country's major sources of petroleum, is also focusing its efforts on meeting the nation's peak carbon emissions and carbon neutrality goals, ensuring national energy security and promoting green and low-carbon development.

It has put into operation the first million-ton carbon capture, utilization and storage (CCUS) project in China, which focuses on carbon capture, enhanced oil recovery, safe storage, and pipeline transportation.

The project is the first low-carbon and zero-carbon industrial demonstration project in the petroleum-petrochemical industry in China. It can reduce carbon dioxide emissions by 1 million metric tons annually, equivalent to planting 9 million trees or taking nearly 600,000 economic cars off the road for a year, contributing to ecological conservation and high-quality development in the Yellow River basin.

In 2023, the city's GDP increased by around 6.5 percent year-on-year. It implemented 302 technological renovation projects with an investment of over 5 million yuan each, and 88 key projects supporting the digital transformation of the manufacturing industry.