China's biofuel firm Jiaao brings in BP as investor for SAF unit

Chinese biofuel firm Zhejiang Jiaao Enprotech said on Friday its sustainable aviation fuel (SAF) unit has entered an investment deal with BP, the first alliance involving a global oil major in China's nascent green aviation fuel. BP has agreed to invest 354m yuan ($49.56m) for a 15% stake in Lianyungang Jiaao Enproenergy Co, which is building a 500,000 ton per year SAF plant in the eastern coastal city of Lianyungang, a company executive told Reuters. Jiaao is one of China's first investors spending more than a billion dollars turning waste cooking oil into the lower-carbon aviation fuel for export and to meet domestic demand. China is the world's second-largest aviation fuel market with about 11% of global jet fuel use. Jiaao announced the investment agreement with BP on its on its WeChat account late Thursday.<br/>