Construction on a 76-billion-yuan ($10.67 billion) new materials facility in Zhoushan, Zhejiang province commenced on Nov 30, according to local media reports.

The facility, which will focus on manufacturing high-end chemicals such as low-carbon polyolefins, fine chemicals, high-performance resins, engineering plastics, biodegradable plastics, special polyurethanes, and advanced fiber materials, is expected to generate an annual output value of 91.7 billion yuan.

The facility will play a significant role in helping Zhoushan build a complete oil and gas industrial chain and inject strong momentum into its efforts to become a modern maritime city, said a local official.