Singapore: China Aviation Oil (CAO), Asia's top jet fuel buyer, is planning to tap newer growth markets like India and the Middle East as part of its plan to expand globally, its chief executive said.
CAO's immediate plans are to focus on setting up its first European trading office in 2013 to meet growing demand from budget airlines, while it might target the Gulf and Indian markets for next year, chief executive Meng Fanqiu said.
It will also study the Australian market to identify growth opportunities as the country's imports of oil products increase with the closure of ageing refineries, Meng said.
"While China will still be the main locomotive (for jet fuel demand), other newer economies in Asia-Pacific will also fuel demand," he said.
CAO imports most of China's jet fuel needs and its top customers include the nation's three biggest international airports.
29/12/12 Reuters/South China Morning Post
