Fortune Global 500 up Rongsheng Petrochemical by 44 notches, revenue rose 24% to USD 86 billion.

Aug 03, 2023 (China Knowledge) - In the latest annual release of the "Fortune Global 500" list by Fortune magazine, which ranks companies based on their annual revenues, Rongsheng Petrochemical Holdings Group has moved up 44 notches from last year to rank at 136th place in 2023's ranking. This year Rongsheng has increased its revenue to USD 86.16 billion, up 24% year-on-year.

The first year that the group debuted on the Global 500 list was in 2021 ranking it at 255th place, followed by an impressive 75 spots to reach 180th place, making it one of the fastest-rising companies on the list. This year, Rongsheng achieved another milestone, securing its position on the list for the third consecutive year and continuing its upward trajectory, making it one of the few companies that defy market trends.

Due to the global economic downturn, the net profits of all the listees decreased by 6.5% year-on-year, totaling around USD 2.9 trillion. Amid such unpredictable external conditions, Rongsheng not only ensured the steady growth of its business but also laid a solid foundation for future sustainable high-quality development by advancing mega-size projects and fueling innovations.

One of the biggest highlights for its Shenzhen-listed entity Rongsheng Petrochemical (002493), the world's largest single-site refining and petrochemical complex, was a strategic investment from Saudi Aramco which concluded a 10% stake for USD 3.4 billion in July. As the world's largest oil and petrochemical giant; Saudi Aramco, the second-largest in this year's Fortune Global 500. Saudi oil giant's partnership with Rongsheng Petrochemical...