CAO gets US$200m under deal
Source: Xinhua |
April 24, 2010, Saturday
|
Print Edition
Print Edition
CHINA Aviation Oil (Singapore) Corp Ltd, the largest purchaser of jet fuel in the Asian-Pacific region, announced yesterday it has inked a non-binding strategic cooperation framework agreement with the Bank of Communications Co's Singapore branch.
Under the framework pact, BoCom agrees to provide uncommitted and conditional trade financing, loan facilities and other related services to CAO of up to US$200 million in its continuing support for CAO's development of its jet fuel and other oil product trading businesses as well as investments in oil-related assets. The bank will also provide value-added banking services to CAO.
"CAO views BoCom as a long-term strategic banking partner. This framework agreement signifies the commitment of CAO and BoCom in supporting the growth of each other's business for mutual benefit," Meng Fanqiu, chief executive officer of CAO, said.
"CAO's credit facilities have continued to grow steadily despite tightened credit conditions last year, which demonstrates the good financial standing of CAO and the confidence of banks like BoCom in CAO's prospects. This gives us the financial flexibility to expand our businesses," Meng added.
Niu Kerong, general manager of BoCom said the bank looked forward to forging a closer relationship with CAO through this agreement.
Under the framework pact, BoCom agrees to provide uncommitted and conditional trade financing, loan facilities and other related services to CAO of up to US$200 million in its continuing support for CAO's development of its jet fuel and other oil product trading businesses as well as investments in oil-related assets. The bank will also provide value-added banking services to CAO.
"CAO views BoCom as a long-term strategic banking partner. This framework agreement signifies the commitment of CAO and BoCom in supporting the growth of each other's business for mutual benefit," Meng Fanqiu, chief executive officer of CAO, said.
"CAO's credit facilities have continued to grow steadily despite tightened credit conditions last year, which demonstrates the good financial standing of CAO and the confidence of banks like BoCom in CAO's prospects. This gives us the financial flexibility to expand our businesses," Meng added.
Niu Kerong, general manager of BoCom said the bank looked forward to forging a closer relationship with CAO through this agreement.
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