The company’s 167.5 percent compound growth rate (CGR) gave it the second place, leading commodities information provider Platts announced.
PetroRabigh started operations at its $10.1 billion complex in 2009.
Its facility includes a 400,000 barrel per day refinery, a 700,000 ton a year polypropylene plant, a 600,000 ton a year linear low density polyethylene unit, and a 200,000 ton a year propylene oxide facility.
The Rabigh II project is due to be completed in the first quarter of 2015.
The rankings, announced by Platts, now include 53 companies from the BRIC countries (Brazil, Russia, India and China). This compares to 28 BRIC companies in Platts’ inaugural rankings 10 years ago.
Topping this year’s list of the world’s fastest-growing companies – ranked by three-year compound growth rate (CGR) — is Essar Energy. Cairn India came in fourth with a CGR of 116.5 percent.
PetroRabigh is a joint venture between Saudi Aramco and Japan’s Sumitomo Chemical, each of which holds a 37.5 percent stake in the company, with the remaining 25 percent traded on the Tadawul All-Share Index.
Four Russian companies, meanwhile, ranked among the top 10 fastest growers: JSC RusHydro in fifth place with a 106.1 percebt CGR; Bashneft OJSC in sixth with 57.9 percent CGR and Moscow Electric Grid OJSC in ninth place with 42.4 percent CGR.
Although 11 Chinese companies ranked among the 50 fastest growers — the most of any country — none made it into the lead 10.
Eleven Chinese companies and two Hong Kong based companies ranked among the 50 fastest-growers with the 10th spot on the list going to Hong Kong-listed China Resources Power Holdings.
The US Texas-based El Paso Pipeline Partners, L. P. came in third with a 130.3 percent CGR.
Rounding off the top-10 list were two Asian companies.
In seventh and eight places, respectively, were Thailand’s PTT Aromatics & Refining Public Company Limited with a 49.6 percent CGR and Malaysia’s YTL Power International Bhd with a 48.9 percent CGR.
For the first time in the 10-year history of the Platts Top 250 Global Energy Company Rankings, an Asian company has attained one of the top five spots on the prestigious financial performance-based list.
Petrochina Company Limited, China’s leading oil and gas company, moved into fourth place in 2011 from seventh place last year and 12th place in 2002, its ascent fueled by assets that quintupled over the decade from $52 billion to $255 billion.
US giant ExxonMobil retained the top spot for the seventh consecutive year, while Chevron Corporation moved up to second place from ninth as it boosted its return on invested capital (ROIC) to 16 percent from 10.2 percent in the previous year.
Russia’s Gazprom OAO remained in third place and France’s Total SA maintained fifth position.
Royal Dutch Shell moved into sixth place from tenth last year.
Three re-entrants to the 2011 top 10 included ConocoPhillips, which moved up from 24th place to seventh; Russia’s OJSC Rosneft Oil Company, which rose from 14th to ninth; and Lukoil Oil Company, which advanced from 11th to 10th.
Taking eighth place again this year was China Petroleum & Petrochemical Corp.
Petro Rabigh utilizes 400,000 barrels per day of crude oil and 1.2 million tons per year of ethane as primary feedstock to produce a variety of refined petroleum products and petrochemical products.
The refinery has mainly been producing eight million tons of heavy oil, 5.3 million tons of light oil, three million tons of naphtha and 2.6 million tons of kerosene annually.
This refinery was upgraded to include a high olefin fluid catalytic cracking unit (HOFCC) for converting heavy and light oils to gasoline and other distillates, which added new annual capacities of 2.8 million tons of gasoline and 900,000 tons of propylene, a feedstock for petrochemical products.
“Half of the 50 fastest growing companies in this year’s rankings represent BRIC companies, with Chinese companies making up the largest share,” Platts President Larry Neal was quoted as saying in a statement.
