Singapore-listed China Aviation Oil (Singapore) Corporation Ltd, or CAO, has established a wholly- owned subsidiary in Europe, the company said on Thursday.
The subsidiary China Aviation Oil (Europe) Limited, or CAO Europe, will have an initial paid-up capital of 3 million U.S. dollars, said CAO, which is the largest physical jet fuel trader in the Asia Pacific region.
Based in Britain, the subsidiary's principal activities will include trading of petroleum products and aviation marketing, CAO said.
The group has adopted the strategy of diversifying its products to include trading of other oil products since 2008. Its long-term goal is to become a global transportation fuels provider by 2020.