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BP Makes Strategic Investment in China Aviation Oil

Dec 8 2005

BP Singapore announced that it is to purchase 20 per cent of the equity in China Aviation Oil (Singapore) for some $US44 million.

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The investment follows approval from the creditors of China Aviation Oil (Singapore) for the company to seek a strategic investor as part of the restructuring process prior to seeking re-listing on the Singapore Exchange.

Under the equity investment agreement, BP will appoint two directors to the Board of China Aviation Oil (Singapore) and have the ability to appoint staff to a key trading role and a key governance and control role.

“BP fully supports the restructuring plans for China Aviation Oil (Singapore) which will clear the way for China Aviation Oil to start afresh,” said Mike Bennetts, BP’s Regional Director for Supply and Trading. “In addition to the financial investment, we will be providing the company with corporate governance and supply and trading management systems to enable the re-listed company to trade profitably and create value for all its shareholders.”

http://www.bp.com

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