Manufacturing Industry
China Aviation Oil asks Unipec to take over China's jet fuel imports
Airline Industry Information, Dec 2, 2004
AIRLINE INDUSTRY INFORMATION-(C)1997-2004 M2 COMMUNICATIONS LTD
China Aviation Oil, the main supplier of jet fuel to China, has approached its rival Chinese oil company Unipec to take over jet fuel supply to the country following its collapse after massive oil futures trading losses.
Unipec is the trading arm of China's biggest oil refiner Sinopec and would probably act as a fuel supply agent, gaining revenue from commission while allowing supply to continue smoothly to China. Unipec has reportedly already signed supply contracts with Petro China and Sinopec through China Aviation Oil.
China Aviation Oil collapsed under USD550m of trading losses but has yet to comment on any deals struck to maintain supply, reports Reuters.
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