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Lianyungang Satellite Petrochemical is a significant part of Satellite Chemical Co., Ltd. It was established in 2017 as a wholly - owned subsidiary and is located in the Xuwu New Area of Lianyungang, one of the seven national petrochemical industry bases.​ The company has made substantial investments. Its ethylene comprehensive utilization project, with a total investment of about 33.5 billion yuan, was fully completed and put into operation on August 27, 2022. This project mainly constructs facilities with an annual output of 1.35 million tons of PE, 2.19 million tons of EOE, and 260,000 tons of ACN.​ Lianyungang Satellite Petrochemical plays a crucial role in promoting the development of the local petrochemical industry and the high - quality development of China's chemical industry. It also contributes to extending the national petrochemical industry chain and adheres to the development concept of green and energy - saving petrochemical industry.​