Source: Singapore Business Review.
China Aviation Oil (CAO) has acquired UK-registered jet fuel supply company, Navires Aviation Limited (NAL) for around $8m.
NAL’s principal activities is to supply jet fuel to the aviation industry in Europe but it also provides marketing to a lesser extent.
NAL currently holds a concession from Schiphol Airport to manage the distribution of fuel to airlines and has other contracts at Frankfurt, Brussels and Stuttgart airports, according to a report by The Edge Singapore.
CAO aims to increase its operations, portfolio and foothold in Europe with the acquisition of the fuel supply company.
It was reported that Meng Fanqiu, CEO of CAO stated, “This transaction marks CAO’s increased expansion into the vital European aviation market, enabling growth in the Group’s aviation marketing business in Europe”.
