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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 newly released "Chemical Weekly" from the United States has unveiled its 2005 ranking of the Top 30 Asian Chemical Companies, and Sinopec Corp. has made a remarkable leap to become the largest chemical company in Asia. This marks a significant shift, as it's the first time that Japanese companies, which had long dominated this list, have been overtaken.
According to the report, Sinopec's position among Asian chemical firms improved dramatically—from fifth place in 2004 to number one in 2005. While Japanese firms still hold the top spots in the overall rankings, analysts believe that more Chinese companies will soon take the lead. Names like China National Offshore Oil Corporation (CNOOC), China National Petroleum Corporation (CNPC), China National Chemical Corporation (Sinochem), and Shanghai Huayi Group are expected to rise in the coming years.
In the 2005 ranking by "Chemical Weekly," Sinopec topped the list with sales of $159.61 billion. Mitsubishi Chemical came in second with $14.459 billion, followed by Mitsui Chemicals at $11.869 billion, and Formosa Plastics Group with $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 positions six through ten. Shanghai Huayi Group made it to 25th place with $3.103 billion in sales.
In 2005, Sinopec made major investments, establishing joint ventures with BP in Shanghai and with BASF in Nanjing. It also formed a petrochemical partnership with ExxonMobil and Saudi Aramco in Quanzhou, Fujian. The company plans to build ethylene plants in key cities such as Shanghai, Ningbo, Tianjin, and Wuhan.
"Chemical Weekly" noted that Chinese chemical companies are enhancing their efficiency and profitability through restructuring, aiming to meet global standards. For instance, China National Chemical Corporation, formed by merging 45 chemical companies, saw its total sales reach 60 billion yuan in 2004, placing it fifth among Chinese chemical firms. With ongoing mergers and acquisitions, the company aims to boost annual sales to 100 billion yuan by 2010.
Meanwhile, sales of other Asian chemical companies in the Chinese market are also on the rise. According to "Chemical Weekly," the Chinese market accounts for 50% to 80% of chemical exports from other Asian countries. As a result, China Minmetals has emerged as a key driver of growth for many Asian chemical companies.