U.S.-based Chemical & Engineering News names Rongsheng Petrochemical Global Top 50 Chemical giants, all combined churned out USD 1.2 trillion revenue.

Aug 02, 2023 (China Knowledge) - According to U.S.-based Chemical & Engineering News' most recent Global Top 50 Chemical companies, the combined chemical sales reached a staggering of USD 1.2 trillion last year, a 17% increase from 2021.

This year China's privately-run petrochemical giant that owns world's largest single-site integrated refining and petrochemical facility: Rongsheng Petrochemical (002493), has entered the league table with sixteenth place.

Just a week earlier Saudi Aramco had acquired a 10% strategic stake in Rongsheng Petrochemical which, in return, assures some 480,000 barrels of crude oil per day. This provides Rongsheng's subsidiary Zhejiang Petroleum and Chemical (ZPC), a mega refining and petrochemical production complex with capacity of up to 40 million metric tons per year, a stable supply of crude oil. The Chinese chemical giant also has investment projects slated for polycarbonate (PC), acrylonitrile-butadiene-styrene polymer (ABS Plastic), alpha-olefins, adiponitrile (ADN), and polymethyl methacrylate (PMMA).

With the global economy facing uncertainties and headwinds from the recovery from the pandemic and the on-going Russia-Ukraine War, many major chemical firms are more likely affected from these challenges. One notable cost impact on BASF, the world's largest chemical firm, was additional expense of USD 7 billion more in electric power due to cut off from Russian natural gas which was Germany's major fuel source.

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