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China Aviation Oil to fuel Air China

2013-03-20 13:51 Xinhua     Web Editor: qindexing comment

China Aviation Oil (Singapore) Corporation Ltd (CAO), the major physical jet fuel trader in the Asia Pacific region, said on Tuesday that it had got contracts to supply aviation fuel to Air China in international airports of London, Madrid and Los Angeles.

According to the company's announcement handed to the bourse, the CAO itself will supply fuel at Madrid International Airport, while its subsidiaries in the US and Hong Kong will respectively supply fuel at Los Angeles International Airport and London Heathrow Airport.

The contracts will all start on April 1 this year, and will expire in 18 months' time. "The aggregate contractual volume for the expected term is approximately 120,000 metric tons", the company added.

The company said the contracts represent another breakthrough in expanding its aviation fuel marketing business. Madrid is a new supply location for the company, while it's also the first time to get the contract with Air China in Los Angeles, where the company will be able to provide aviation fuel to all three major Chinese airlines, namely Air China, China Southern and China Eastern.

The company's aviation fuel supply volume has jumped approximately 36 times over 2011 to about 750,000 tons in 2012.

Th CAO registered a net profit of $66.2 million in financial year 2012 ended on December 31, a slight growth of 4.4 percent on year.

It unveiled its 2020 corporate strategy at the end of last month. CAO is said to be "a top-tier global integrated transportation fuels provider," aiming to expand its geographical focus from current Asia Pacific region to the whole world.

Besides, it will also target twofold increase in volumes and profits by 2020 compared with the year of 2012.

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