China, Singapore ink cooperation agreement
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China Aviation Oil (Singapore) Corporation Ltd (CAO), the largest purchaser of jet fuel in the Asia-Pacific region, announced on Friday that it has inked a non- binding strategic cooperation framework agreement with the Bank of Communications Co., Ltd Singapore Branch (BOCOM).
Under the framework agreement, BOCOM agrees to provide uncommitted and conditional trade financing, loan facilities and other related services to CAO of up to 200 million U.S. dollars 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. BOCOM will also provide value-added banking services to CAO.
Meng Fanqiu, chief executive officer of CAO said, "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."
"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, "CAO is regarded as one of BOCOM's valued customers. We are very glad to be part of CAO's growth strategy. We look forward to forging a closer banking relationship with CAO through this cooperation framework agreement."
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