(EnergyAsia, June 14 2012, Thursday) — China Aviation Oil Singapore Corporation Ltd (CAO) said it has increased its syndicated loan facility to US$145 million with the addition of China Construction Bank Corporation as a mandated lead arranger earlier this week.
Asia’s largest trader and supplier of jet fuel had concluded a US$125 million revolving credit facility with a syndicate of international banks on April 20.
The syndicate’s original mandated lead arrangers include ABN AMRO Bank NV, ANZ Banking Group Limited, Bank of Communications Co Ltd, Crédit Agricole Corporate and Investment Bank and UOB Limited.
CAO said it and its subsidiaries will use the facility for their working capital.
Meng Fanqiu, CAO’s CEO, said:
“We are very pleased that CCB has joined as a mandated lead Arranger of this internationally syndicated loan facility. The increase in the syndicated loan facility will further enhance the operational flexibility of CAO.”
The Singapore-listed company is the largest physical jet fuel trader in the Asia Pacific region and the sole supplier of imported jet fuel to China.