Sinopec ranks first in top 500 companies

Sinopec Group ranks first in the list of this year''s top 500 Chinese enterprises unveiled in the city of Chengdu in southwest China''s Sichuan Province on Saturday, Xinhua news agency reported. Sinopec''s last year''s revenues were 1.97 Trillion yuan (US$ 307.81 Billion), followed by the China National Petroleum Corporation and State Grid Corporation whose revenues hit 1.72 Trillion yuan (US$ 269.42) and 1.53 Trillion yuan (US$ 239.66)last year, respectively. The rest of the top 10 was rounded out by the Industrial and Commercial Bank of China, China Mobile, China Railway Group, China Railway Construction Corp., China Construction Bank, China Life Insurance Co. and Agricultural Bank of China. The list is the 10th of its kind to be jointly released by the China Enterprise Confederation and the China Enterprise Directors Association. The threshold for qualifying to enter the list was raised to 14.2 Billion yuan (US$ 2.224 Billion) in revenues, an increase over the 11.08 Billion yuan (US$ 1.735 Billion) threshold used during the previous year.