News
ChemChina adjusts mix for continued growth
By Zhi Hong (China Daily)
Updated: 2009-01-20 17:00
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China National Chemical Corp (ChemChina), the country's leading chemical producer, plans to increase both sales and profit by 15 percent in 2009.
The targets follow revenues of over 120 billion yuan in 2008, said Ren Jianxin, chairman of ChemChina, when the company also invested in 46 major projects with total value of 12.31 billion yuan.
"ChemChina will focus on the development of new materials and specialty chemical products," said Ren, adding that it was in line with the development of the chemical industry in China.
"China is now the world's largest chemical producer. However, in the fields that require advanced technology we still lag far behind the Western countries," he said.
ChemChina has faced problems such as slowdown in sales growth and drop in profits since last October due to the global financial crisis, he said. As a response, this year will see "measures including further restructuring of product mix and making better use of resources".
ChemChina was established in 2004 through the restructuring of several enterprises under the former Ministry of Chemical Industry.
On the list of top 100 chemical enterprises in 2008 unveiled by the Internet Corporate Identity System (ICIS), the world's leading information provider for the chemical and oil industry, ChemChina ranked No 19 in global chemical companies.
Last year ChemChina was also listed as one of the top 500 Chinese enterprises by the National Bureau of Statistics of China, ranking 28. It is first in the industry for chemical materials and products.
