Shandong Energy Group. [Photo/Official website of Shandong Energy Group]

Business magazine Fortune released its latest China 500 companies list on July 25. Nineteen companies based in Shandong province with combined revenues and profits of $447.15 billion and $12.68 billion respectively made the list.

Shandong Energy Group was ranked 23rd with $124.09 billion in revenue, the highest ranked Shandong company on the list. By expanding the industrial chain, optimizing the value chain, and promoting the transformation of traditional industries to green and low-carbon, the company’s main economic indicators have risen year after year since its reorganization three years ago.

Shandong Weiqiao Pioneering Group, the largest private enterprise in Shandong, was ranked 55th with a revenue of $74.92 billion.

Weiqiao has in recent years been focused on upgrading and transforming stock assets. It has also constructed 11 intelligent factories in the textile sector to promote digital upgrading.

State Grid, which generated a revenue of $530 billion, took first spot in the Fortune China 500 list, followed by China National Petroleum and Sinopec Group, which had revenues of $483 billion and $471.15 billion respectively.