(Beijing, 18 September 2014) The 2014 Global Competitiveness and Sustaining Company Growth Event and the "2014 Global Competitiveness Brands – Top 10 from China" were held on September 17, Eastern Standard Time. Since 2009, this is the fifth consecutive time Sinopec has won the "2014 Global Competitiveness Brands - Top 10 from China" award. In the same competition, Sinopec was also awarded "Most Sustainably Competitive Brand".
Sinopec’s Chairman Mr. Fu Chengyu said, "Global competitiveness increasingly underscores the equal importance of commercial and brand strength. Sinopec will focus on building brand competitiveness and, as the world’s most respected Chinese company, will play an increasingly important role in the sustainable socio-economic development of China and the global energy industry."
Organized by the International Data Group (IDG), the event’s theme this year was “Future Marketing – the focus for brand growth”. Focusing on brand, overseas and market competitiveness, the event evaluated how successful brands’ marketing capabilities were as generators of business growth.
Key challenges facing the Chinese economy include boosting energy efficiency and achieving sustainable development – both economic and social. Chinese enterprises that meet these challenges while also improving their own global competitiveness must focus therefore on increasing their commercial strength as well as brand value.
As an advocate for and leader in China’s green and low carbon transition, Sinopec has always adhered to the principles behind the new path of industrialization: advanced technology, low-resource consumption, and lower environmental pollution. Via its evolving development model, it has also been constantly enhancing its core competitiveness by building brand value and capacity for sustainable development. Indeed, Sinopec’s rising brand value has supported the development of related industries and secured energy supply and high quality services for the country’s "basic necessities of life". In 2013, Sinopec launched the “Clean Water and Blue Sky Initiative” and started a RMB 23 billion investment spanning the period 2013-2015 for the environmentally-friendly treatment of existing production facilities. This year, it also launched an “Energy Efficient Multiplication” plan to increase energy efficiency by 100 percent by 2025.
As a pioneer among Chinese enterprises in internationalization, Sinopec has in recent years been actively implementing its internationalization strategy, proactively representing the interests of Chinese businesses in globally-relevant energy development issues. Since joining the UN Global Compact in 2004, Sinopec has acted as the China Network Chairman for the 2004 term and has been dedicated to achieving a balance between development and environmental protection. Throughout its tenure, it has furthermore exerted a positive influence in the international community in collaboration with other members.
At present, Sinopec is present in 70 countries engaged in oil and gas exploration, overseas investments, engineering technology services construction, and international trade. It strives to seek both a return on its investments as well as economic and social growth of the local communities in which it operates. As of the end of 2013, Sinopec’s foreign assets to total assets ratio hit 37.7 percent, and overseas revenue accounted for 32.1 percent of the Group’s total income. Sinopec is the highest ranked Asian company on the 2014 Fortune 500 List and is placed third overall. Sinopec has achieved in one generation what took the West a hundred years.
The "2014 Global Competitiveness Brands - Top 10 from China" has successfully been held for the past four years. This year, there were ten award-winning domestic and prominent overseas enterprises including Sinopec, China Mobile, Industrial and Commercial Bank of China, Tencent, Baidu and Huawei etc.
About the Award:
The "2014 Global Competitiveness Brands – China Top 10" event involved nine months of intense preparation, comprising comprehensive data analysis, online voting, and professional evaluation of 35 branded Chinese enterprises. The selection criteria were based on seven dimensions of competition: enterprise, responsibility, brand, technology, market, product, and overseas competitiveness. It was a fair and open selection process; the winner was selected through an online voting system that was open to the public. Contest questionnaires provided by applicants and third-party firms were also thoroughly assessed, while the final evaluation was made by a selection committee. We measure new growth opportunities delivered via future brand marketing competitiveness as an important criterion, with the aim of fully recognizing the intrinsic problems in all sectors around the world and to explore new growth opportunities globally. Ten companies including Sinopec, ICBC (the Industrial and Commercial Bank of China), China Construction Bank, China Life Insurance, China Mobile, Huawei, ZTE, Tencent, Haier and BOE Technology won awards. In this competition, Sinopec also won the single prize of "Most Sustainable Competitive Brand".
Sinopec is one of the largest integrated energy and chemical companies in China. Its principal operations include petroleum and natural gas exploration and production, petroleum product refining and sales, chemical product production and sales, petroleum and petrochemical engineering services, international trading and technology and information research and development. Sinopec Group is Asia’s largest petroleum refiner, the second largest refiner in the world, and the world's fourth largest producer of ethylene. Sinopec has over 30,000 gas stations, ranking third in the world in terms of scale. As a member of the UN Global Compact, Sinopec has actively promoted green and low-carbon development in China by relying on scientific and technological innovation to promote the development of clean energy production and new energy and providing a full range of services for the people's everyday needs. Sinopec ranked third in the Fortune Global 500 in 2014. Sinopec listed in Hong Kong, New York, London and Shanghai and issued H shares and A shares in October 2000 and August 2001, respectively.
For more information, please visit www.sinopec.com
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