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China Aviation Oil eyes acquisitions as 2018 priority

Chan Chao Peh Published on Wed, Feb 28, 2018 / 10:29 PM GMT+8

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SINGAPORE (Feb 28): China Aviation Oil (Singapore) Corporation might have suffered a slight drop in earnings for FY2017 but the company remains upbeat that the main business of importing jet fuel into China will see sustained, steady growth.

As the company generates a bigger proportion of its business overseas, CAO’s priority this year is to make good use of its cash hoard of some US$300 million to acquire a network of operating assets.

Instead of concentrating much on trading of jet fuel, CAO has revised its strategy to also build and operate related businesses such as storage, so that different businesses can support one another, says CEO Meng Fanqiu at the company’s results briefing on Wednesday.

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China Aviation Oil eyes acquisitions as 2018 priority