China Aviation Oil (Singapore) Corporation (CAO), the largest physical jet fuel trader in the Asia Pacific region, says it has entered into a non-binding strategic cooperation agreement with China Development Bank Corporation (CDB).
Under the deal, CDB will provide CAO and its subsidiaries with uncommitted trade financing, working capital loan, project financing loans, syndicated loan facilities and other banking services of up to US$3 billion ($3.6 billion).
CAO says this is to support the group’s future acquisitions and asset investments, expansion of its jet fuel and other oil product trading businesses as well as implementation of its long-term business strategies.
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