This article was originally published in the Brand Finance Chemicals 25 2023 report
Rongsheng Petrochemical is one of the leading petrochemical brands in China. It has the world’s largest production capacity of PTA and PX, excelling in the development, manufacturing and distribution of polyester, synthetic rubber, polyolefin, engineering plastics, materials for renewable energy, oil products, etc. Renowned for its prioritisation on product safety and quality, Rongsheng Petrochemical’s rPET physical recycling project attained a seal of approval in 2022 from the US Food and Drug Administration (FDA) for its manufacture of food-grade rPET bottle chips. This solidified the brand’s reputation as a reliable supplier of petrochemical products domestically and internationally.
“Rongsheng Petrochemical has actively incorporated environmental, social and governance (ESG) principles into its strategic management. The brand’s sustainability efforts have been widely recognised and boosted by MSCI.”
Rongsheng Petrochemical secured its position as China’s highest valued chemicals brand with a brand value increase of 12% to $2.6 billion. Its position in our rankings also improved by one place to 7, with its Brand Strength Index score increasing 2 points to 71 primarily owing to higher Familiarity and Reputation scores. Rongsheng Petrochemical’s brand strength rating correspondingly improved from AA- to AA. The brand sought to expand its influence in both the international market and domestic market in China by partnering with Saudi Aramco, which would strengthen the current crude oil trading relationship between both brands. With the combined strength of these two brands, Rongsheng Petrochemical is expected to generate higher margins from the global market.
Rongsheng Petrochemical is a frontrunner in China’s chemicals sector in its prioritisation of sustainability and leading role in nation-wide efforts to meet national green development goals. In 2022, the company completed its first green power trading of photovoltaic new energy green power. This expedited the company’s transformation in harnessing low-carbon and clean energy in its business operations. The company also embarked on a monumental partnership with the government in formulating the standard for carbon emission reduction – named the “Emission Standard of Carbon for Petroleum Refining Industry” – which was led by the Ministry of Ecology and Environment of the People’s Republic of China. Furthermore, Rongsheng Petrochemical has actively incorporated environmental, social and governance (ESG) principles into its strategic management. The brand’s sustainability efforts have been widely recognised and boosted by MSCI, a testament to its outstanding ESG performance and outperforming of its domestic counterparts.
