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Mon 23 Aug 2010, 06:48 GMT

BP tie-up to develop fuel oil trading


Singapore-listed firm aims to strengthen its cooperation with BP in the area of fuel oil trading.

China Aviation Oil (Singapore) Corp (CAO) is planning to strengthen its cooperation with oil major BP Plc in the area of fuel oil and diesel trading, according to CAO chief executive officer Meng Fanqiu.

Singapore-listed CAO is the largest purchaser of jet fuel in the Asia Pacific region and a key supplier of imported jet fuel to the aviation industry in China.

China National Aviation Fuel Group Corporation (CNAF) is the largest single shareholder of CAO with a stake of around 51 percent. State-owned CNAF is the leading aviation transportation logistics service provider in the country, providing aviation fuel distribution, storage and refuelling services at most of the airports in mainland China.

In 2005, BP Investments Asia Limited, a subsidiary of BP, bought a 20 percent stake in CAO. Following the purchase, BP sent staff to assist CAO in the development of its aviation oil trading business.

It is understood that CAO is now planning to also develop its fuel oil trading business with the assistance of BP.

Meng said in a press conference that the supply of aviation fuel to mainland China will be still be CAO's core business in five years' time. He commented that the company is looking at developing aviation fuel sales in Hong Kong, Australia, Indonesia and Vietnam, adding that the North American and Middle East markets were also of interest.

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