facebook
twitter
rss
account
search
search
 

Oil facility begins operation in Singapore

April 2, 2013 at 5:22 AM   |   Comments

SINGAPORE, April 2 (UPI) -- China Aviation Oil (Singapore) Corp. says its 343.4 million-gallon oil storage terminal in South Korea has begun commercial operation.

The $500 million facility was developed by Oilhub Korea Yeosu Co. in Yeosu, South Korea, the company said.

CAO, a major jet fuel trader in the Asia-Pacific, owns 26 percent of OKYC. The Korean National Oil Corp. has a 29 percent stake in the joint venture.

China's state-owned China National Aviation Fuel Group Corp. is the majority parent of CAO, which has become a key supplier of imported jet fuel to the Chinese civil aviation industry.

"As [South] Korea is CAO's main source of jet fuel supply and located geographically close to its key customers in China, securing oil storage at OKYC's terminal has significantly strengthened CAO's ability to ensure certainty of jet fuel supply to China," Chief Executive Officer Meng Fanqiu said. He said the company has signed an eight-year storage lease with OKYC for middle distillates.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
2014: The Year in Music [PHOTOS]

2014: The Year in Music [PHOTOS]

Most Popular
1
U.S. Air Force orders more RQ-4 Global Hawks U.S. Air Force orders more RQ-4 Global Hawks
2
Hotel chain suspending sponsorship of Minnesota Vikings Hotel chain suspending sponsorship of Minnesota Vikings
3
Lockheed tests aircraft laser turret
4
Cover Girl ads photoshopped to protest NFL's Roger Goodell Cover Girl ads photoshopped to protest NFL's Roger Goodell
5
Kurds challenge latest Iraqi oil claims Kurds challenge latest Iraqi oil claims
Trending News
Video
x
Feedback