News

ChemChina focuses on sustainable growth

By Xiao Wan (China Daily)
Updated: 2008-10-30 16:36

For Ren Jianxin, chairman of the China National Chemical Corporation (ChemChina), one focus of his work this year is to further boost the company's business on new materials and specialty chemical products.

Last year ChemChina started the construction of its Tianjin new materials manufacturing base. The project, with an investment of 24.5 billion yuan, is expected to come on stream in 2011.

Once in operation, the base can generate annual sales of around 30 billion yuan. The project will greatly increase ChemChina's competence in the new materials and specialty chemical products area.

"ChemChina will continue to focus on the development of new materials and specialty chemical products," Ren said, adding that it is in line with the development of the chemical sector in China.

"Now China has become the world's largest chemical producer. However, in fields which require advanced technology we still lag far behind the Western countries," he said.

ChemChina was established in 2004, and was formed following the restructuring of several enterprises under the former Ministry of Chemical Industry. Today it has developed into China's leading chemical group, with both sales revenue and total assets surpassing 100 billion yuan.

The company's subsidiary, China National Bluestar Group Corporation (Bluestar), has now become the leading company in new materials and specialty chemical products in China.

Recently, the Internet Corporate Identity System (ICIS), the world's leading information provider for the chemical and oil industry, unveiled a list of the top 100 global chemical enterprises, featuring the world's top chemical players ranked by their sales incomes from last year.

ChemChina ranked No 19, which means the company is now one of the top 20 global chemical companies.

Germany-based BASF once again took the top spot with $85.3 billion in sales and Dow ranked second with its sales income of $53.5 billion. Sales income of ChemChina last year reached $17.4 billion.

ChemChina was also listed as one of the top 500 Chinese enterprises by the National Bureau of Statistics of China, ranking 28. ChemChina remains first among the industry of chemical materials and chemical products.

Eco-friendly company

Ren is leading ChemChina to be more eco-friendly.

"Energy saving and cutting pollution are our most important work this year," he said.

The company's theme for this year is: "Zero Emissions".

This year all the company's subsidiaries will create their own specific plans for energy conservation and pollution control.

For instance, Jinan Yuxing Chemical Co has signed an agreement with the local government on pollution controls for the 11th Five-Year Plan period (2006-10). Haohua Yuhang Co in Jiaozuo in Henan has invested more than 100 million yuan in environmental protection in recent years.

ChemChina has also taken part in several environmentally friendly projects. For example, it built the rainwater recycling system for the Bird's Nest.

The recycled water is used for washing the stadium, roads, and garages, flushing toilets and for air conditioners, as well as irrigating the land around the venue.

"China's chemical industry should pay increasing attention to energy and environmental issues, in order to achieve healthier growth," Ren said.

(China Daily 10/30/2008 page15)