Fortune Oil and partners to expand aviation fuel business in China

Fortune Oil PLC said that South China Bluesky Aviation will begin development of its aviation refueling business in 15 new airports. The project will include the development, operation and management of the company’s fuel storage and supply. Fortune has a 24.5% stake in South China Bluesky Aviation. BP PLC owns 24.5%, while China National Aviation Fuels Ltd. has a 51% stake. Fortune Oil and its partners have also agreed to increase the number of airports serviced by South China Bluesky in central and southern China to 30 in a period of five years. With a projected rapid growth in air travel, China needs new airports. Fortune Oil said that the number of passengers in China is expected to increase from 300 million in 2011 to 240 million in 2015, and 700 million in 2020. (December 19, 2011)