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Last updated at: (Beijing Time) Wednesday, March 24, 2004

China Aviation Oil enters international oil reserve market

On Mar. 23 in Singapore, China Aviation Oil (Singapore) Corp. Limited (CAO) and ENOC (Emirates National Oil) and its subsidiary company signed two cooperation MOUs. According to the memorandums CAO will purchase 20 percent stake of a Dubai-based terminal, which belongs to ENOC's wholly owned subsidiary company - Horizon Terminals.


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On Mar. 23 in Singapore, China Aviation Oil (Singapore) Corp. Limited (CAO) and ENOC (Emirates National Oil) and its subsidiary company signed two cooperation MOUs. According to the memorandums CAO will purchase 20 percent stake of a Dubai-based terminal, which belongs to ENOC's wholly owned subsidiary company - Horizon Terminals. Meanwhile CAO will form a joint venture with Horizon and build a terminal of 500,000 cubic meters and two supporting deep water wharfs by Jan. 1, 2006. The first round investment is about US$135 million.

As learned ENOC is a well-known multinational oil company with rich experience in various oil businesses such as oil production and refinery, refined oil trade, shipping and wharfs. Horizon is mainly specialized in providing regional and international clients with independent storage and yard equipment and management. It has terminals in the Mid East of about 1.5 million cubic meters. By cooperating with ENOC and collaborating with Horizon to build a super terminal in Singapore, CAO can start from oil storage business and gradually make use of world oil resources to secure an oil source for the domestic market.

Chen Jiulin, the managing director and president of CAO, said the cooperation is an important strategic layout made by CAO according to the strategy of "going global" combined with "attracting foreign investment" strategy. It is not only the implementation of national overall energy policy but also has great significance for CAO's growing strong. Mr. Sultan, CEO of Horizon, said the company would aim at satisfying the rapidly growing energy demand of India and China in the next 30 years and actively develop business in Far East regions. This cooperation is the prelude to establishing a long-term cooperation relationship with CAO.

By People's Daily Online


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