Oil giant BP buys stake in China Aviation Oil (Singapore)
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SINGAPORE : UK oil giant BP has bought an equity stake in China Aviation Oil (Singapore) Corp Ltd, a CAO company spokesman said on Monday.
He told reporters that a formal announcement would be made soon regarding the new investors although he declined to give any details on the size of the stake.
Earlier this month, sources said four foreign investors including BP were looking to taking a stake in CAO as part of a rescue plan.
The jet-fuel trader lost more US$550 million trading oil derivatives last year. - CNA /ch -
CAO singapore is just a shell with no assets at all. i wonder why anybody could be bothered.
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CAO singapore can still suckle milk from its parent company.
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it wont be easy to suckle the chinese.