Catapulting her energy companies into the worlds largest, China, the worlds largest energy consumer saw oil giant PetroChina came in fourth place in a ranking of the world’s top 250 energy companies in the 2011 Platts Top 250 Global Energy Company Rankings. The assets of PetroChina increased almost fivefold to US$255 billion in 2010 from 52 billion dollars ten years ago, when the company was ranked the 12th among world energy firms. Its revenues increased 7.5 times over the same period.
“Not only is the pace of Asia’s energy consumption outstripping other regions, but Asian companies are increasingly moving beyond their domestic roots to become critical global energy players,” Larry Neal, president of Platts said.
Rising revenues stem from a growing demand for energy. As both China and India guzzle up oil, puff up demand in coal and boost renewable energy resources, the International Energy Outlook, projects that China and India will consume 31 percent of the world’s energy by 2035, up from 21 percent in 2008. As economic growth continues, global energy demand will increase 53 percent from 2008 through 2035, with China and India accounting for half of the growth, the Outlook further projected.While the two nations are already competing to secure oil fields and natural as well as nuclear energy resources, their energy firms are reaping in high revenues, securing their future in energy, a vital ingredient in the growth and development of both economies.
The first Asian firm to join the top five ranks, PetroChina was joined by China Petroleum & Chemical Corporation (Sinopec) which came in at eighth position, and China National Offshore Oil Corporation (Hong Kong) which moved into 15th from 29th last year, breaking into the top 20. While both China and India grabbed 13 spots each among the global Top 250, India’s ONGC figured 21st and private sector owned Reliance Industries Ltd secured 24th place, both dropping in rank. The rankings are based on 2010 financial performance in key areas of asset worth, revenues, profits and on invested returns and all companies in the 2011 top 250 rankings have assets greater than US$3.5 billion.
Besides, ONGC and Reliance, other leading Indian firms in the rankings included Indian Oil Corporation (IOC), Coal India, GAIL, NTPC, HPCL, BPCL, Powergrid, Cairn India, NHPC, Tata Power, Powergrid and Reliance Infrastructure. The biggest Asia-Pacific leap came from Cairn India, which entered the top 250 by climbing 166 rungs from 286th place to 120th.