The newly-published "Chemical Weekly" of the United States launched the 2005 Top 30 Asian Chemical Companies, and Sinopec Corp. became the largest chemical company in Asia at one stroke. This move for the first time has broken the pattern that Japan Chemical Corporation has long dominated in this ranking.
According to reports, according to sales rankings, Sinopec's ranking among Asian chemical companies jumped from fifth place in 2004 to first place in 2005. Although Japanese companies continue to occupy the top rankings in Asia, the analysis believes that more Chinese companies will occupy the top rankings next year, such as China National Offshore Oil Corporation, China National Petroleum Corporation, China National Chemical Corporation. Company and Shanghai Huayi Group Company.
In the Chemical Weekly 2005 ranking of the United States, Sinopec topped the list with US$159.61 billion, Mitsubishi Chemical Corporation ranked second with US$14.459 billion, Mitsui Chemicals Corporation ranked third with US$11.869 billion, and Formosa Plastics Group held 11.684 billion. In fourth place, Sumitomo Chemical Co., Ltd. ranked fifth with 10.334 billion U.S. dollars. Dainippon Ink Corporation, Toray Industries Corporation, Shin-Etsu Chemical Corporation, Indian Reliance Industries Corporation and Asahi Kasei Corporation ranked sixth to tenth respectively; Shanghai Huayi Group ranked 25th with US$3.103 billion.
In 2005, Sinopec invested a billion U.S. dollars each, established a joint venture with BP in Shanghai and a joint venture with BASF in Nanjing. The company also formed a petrochemical joint venture with ExxonMobil and Saudi Aramco in Quanzhou, Fujian last year, and plans to build ethylene plants in Shanghai, Ningbo, Tianjin, and Wuhan.
The US "Chemical Weekly" stated that China's chemical companies are improving their efficiency and profits through restructuring to achieve international standards. China National Chemical Corporation is a joint venture of 45 chemical companies with sales of RMB 2.3 billion to RMB 16.2 billion. . After the formation of the company's total sales in 2004 reached 60 billion yuan, ranked fifth in the China Chemical Industry Corporation. The company also continues to expand its overseas business through mergers and acquisitions, plans to go through mergers and acquisitions and expand investment in the future to increase its sales to 100 billion yuan/year by 2010.
Sales of other Asian chemical companies in the Chinese market are also growing. According to the US Chemical Week, the Chinese market accounts for 50% to 80% of the chemical exports of other Asian countries. For this reason, China Minmetals has become the biggest driving force for the growth of Asian chemical companies.
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