CSIC aims at gaining a slot in Fortune 500 by 2015

China Shipbuilding Industry Corporation (CSIC)<600150>, one of the country's two largest ship builders, said it has set a goal to be one of the Fortune's list of top 500 companies globally by 2015, according to Li Changyin, general manager of CSIC.

Li said CSIC would completes its shipbuilding and repair bases in Qingdao and Dalian by the end of 2008, and several other major construction projects will start this year. Major ship factories had been fully scheduled until 2010.

The company now has received more than 260 million tons shipbuilding orders, up 84% from the previous year, according to Li.

The ship builder's total revenue climbed to RMB 87.1 billion (US$12.2 billion) in 2007. It is expected to achieve total revenue and main business revenue of more than RMB100 billion this year.

Its subsidiary, Shanghai Waigaoqiao Shipbuilding Co Ltd purchased a 65% stake in rival Shanghai Jiangnan Changxing Shipbuilding Co Ltd in January, which helped CSIC rank the country's largest, and the world's second-largest shipbuilder.