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Sinopec ranked first in sales of nearly 16 billion U.S. dollars in the 2005 Top 30 Asian Chemicals rankings
The recently released "Chemical Weekly" from the United States has unveiled its 2005 list of the Top 30 Asian Chemical Companies, marking a significant shift in the region's chemical industry landscape. For the first time, Sinopec Corp. emerged as the largest chemical company in Asia, breaking the long-standing dominance of Japanese firms in this ranking. This milestone reflects the growing influence and competitiveness of Chinese enterprises on the global stage.
According to the report, Sinopec climbed from fifth place in 2004 to the top spot in 2005 based on sales. While Japanese companies still hold several of the highest positions, analysts predict that more Chinese firms will soon overtake them. Companies like China National Offshore Oil Corporation (CNOOC), China National Petroleum Corporation (CNPC), China National Chemical Corporation (Sinochem), and Shanghai Huayi Group are expected to make strong entries into the top ranks in the coming years.
In the 2005 rankings, Sinopec topped the list with revenue of $159.61 billion, followed by Mitsubishi Chemical at $14.459 billion, Mitsui Chemicals at $11.869 billion, and Formosa Plastics Group at $11.684 billion. Sumitomo Chemical ranked fifth with $10.334 billion, while Dainippon Ink, Toray Industries, Shin-Etsu Chemical, Reliance Industries, and Asahi Kasei occupied the sixth to tenth spots. Shanghai Huayi Group made it to 25th place with $3.103 billion in sales.
In 2005, Sinopec made major investments, forming joint ventures with BP in Shanghai, BASF in Nanjing, and ExxonMobil and Saudi Aramco in Quanzhou, Fujian. The company also announced plans to build ethylene plants in Shanghai, Ningbo, Tianjin, and Wuhan, signaling its long-term strategy for expansion and growth.
The U.S. "Chemical Weekly" noted that Chinese chemical companies are enhancing their efficiency and profitability through restructuring to meet international standards. For instance, China National Chemical Corporation, formed by merging 45 chemical companies, achieved sales between RMB 2.3 billion and RMB 16.2 billion. After its formation, the company's total sales reached 60 billion yuan in 2004, placing it fifth among China’s top chemical companies. It is also expanding its overseas operations through mergers and acquisitions, aiming to reach annual sales of 100 billion yuan by 2010.
Moreover, sales of other Asian chemical companies in the Chinese market are rising sharply. According to "Chemical Weekly," the Chinese market accounts for 50% to 80% of the chemical exports of many Asian countries. This makes China a crucial market, and companies like China Minmetals have become key drivers of growth for the entire region.