[China Epoxy Resin Industry Online] August 2, 2006: The latest publication of the US "Chemical Weekly" launched the 2005 ranking of the top 30 Asian chemical companies, and Sinopec Corporation became the largest chemical company in Asia in one fell swoop.
It broke the pattern of long-term dominance of the ranking by Japanese chemical companies.
According to reports, in terms of sales, Sinopec’s ranking among Asian chemical companies has jumped from fifth in 2004 to first in 2005; although Japanese companies continue to occupy the top rankings in Asia, the analysis believes that it will There are more Chinese companies occupying the top few rankings next year, such as China National Offshore Oil Corporation, China National Petroleum Corporation, China National Chemical Corporation and Shanghai Huayi Group Corporation.
In the 2005 ranking of Chemical Weekly, Sinopec ranked first with 15.
961 billion U.
dollars, Mitsubishi Chemical Corporation ranked second with 14.
459 billion U.
dollars, Mitsui Chemicals ranked third with 11.
869 billion U.
dollars, and Formosa Plastics Group with 11.
864 billion U.
The US dollar ranked fourth, and Sumitomo Chemical was ranked fifth with 10.
334 billion US dollars.
Dainippon Ink Company, Toray Industry Company, Shin-Etsu Chemical Company, Shincheng Industry Company of India and Asahi Kasei Company of Japan ranked 6th to 10th respectively; Shanghai Huayi Group ranked 25th with US$3.
In 2005, Sinopec invested several billion US dollars in the Caojing joint venture with BP in Shanghai and the joint venture with BASF in Nanjing.
The company also established a petrochemical joint venture with ExxonMobil and Saudi Aramco in Quanzhou, Fujian last year, and plans to build ethylene plants in Caojing, Shanghai, and Ningbo, Tianjin and Wuhan.
According to the US "Chemical Weekly", Chinese chemical companies are restructuring to improve efficiency and profitability to meet international standards.
China National Chemical Corporation is formed by a joint formation of 45 chemical companies with sales of RMB 2.
3 billion to RMB 16.
After the formation, the company's total sales in 2004 reached 60 billion yuan, ranking fifth among China's chemical companies.
The company also continues to expand its overseas business through mergers and acquisitions, and plans to increase its sales to 100 billion yuan per year by 2010 through mergers and acquisitions and expanded investment.
The sales of other Asian chemical companies in the Chinese market are also increasing.
"Chemical Weekly" estimates that the Chinese market accounts for 50 to 80% of chemical exports from other Asian countries.
For this reason, China has become the biggest driver of the economic growth of Asian chemical companies.
(Our reporter Zhong Huan)