Monday, October 10, 2011

China Aviation Oil

China Aviation Oil: To subscribe for a 26% stake in Oilhub Korea Yeosu (OKYC) for KRW34b (approx US$32m). OKYC will construct and operate the Northeast Asia Hub Terminal in Yeosu, Korea which has a total storage capacity of 8.18m barrels. CAO will be the second largest sh/h of OKYC after Korea National Oil Corp, which will hold 29% of total issued shares of OKYC. Most recently, CAO also entered into a JV for construction and operation of a oil storage tank terminal facility in Tanjung Langsat Port, Johor. CAO has a current P/E of 7.8x with global peer avg at 8.5x

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