Fortune Oil, BP to expand China aviation fuels unit
By SIMON HALL
Fortune Oil, which invests in oil, natural gas and resource supply operations in China, said Monday it and its partners in an aviation fuel supply business had agreed to double the number of airports they serve in central and southern China to 30 over the next five years.
Fortune owns 24.5% of South China Bluesky Aviation, while oil major BP has 24.5% and China National Aviation Fuels Ltd. has 51%.
The agreement provides Bluesky with the opportunity to develop its aviation refueling business at 15 new airports and covers the development, operation and management of their fuel storage, supply and logistic operations.
China needs new airports to meet a projected rapid growth in air travel, with China-wide passenger numbers forecast to increase from 300 million in 2011 to 450 million passengers by 2015 and 700 million passengers in 2020, Fortune said in a statement.
Dow Jones Newswires
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