BP tipped to mop up shares in China group.Byline: By Howard Walker Howard Walker (born August 5, 1958 in Grande Prairie, Alberta) is a retired Canadian ice hockey defenceman who played for the Washington Capitals and Calgary Flames. Originally signed by the Capitals as a free agent in 1980, Walker played parts of two seasons before he was traded Bp is seen as one of the front runners to buy a stake in the troubled firm that supplies nearly all China's imported jet fuel. Reports said BP wanted to take a 23% interest in China Aviation Oil (CAO) ( the Singapore group that was at the centre of the island state's biggest scandal since the collapse of Barings Bank Barings Bank (1762 to 1995) was the oldest merchant banking company in London [1] until its collapse in 1995 after one of the bank's employees, Nick Leeson, lost $1.4 billion in speculation primarily on futures contracts. in 1995. But a BP spokesman declined to say whether it was vying for a stake, while CAO said a formal decision had not yet been made. A spokesman for CAO said: "We are unable to comment on any of the speculation at the moment because details are being finalised. We hope to make an official announcement some time next week." CAO is majority owned by China Aviation Oil Holding Company (CAOHC CAOHC Council for Accreditation in Occupational Hearing Conservation CAOHC China Aviation Oil Holding Company ), which is directly supervised by the central government of China and supplies oil at more than 100 airports in the world's most populous nation. The company was plunged into difficulty last year when trading in oil futures went wrong, leaving it with losses in the region of $550m (pounds 319.8m). It is understood BP was owed a portion of this money and has been talking to Noun 1. talking to - a lengthy rebuke; "a good lecture was my father's idea of discipline"; "the teacher gave him a talking to" lecture, speech rebuke, reprehension, reprimand, reproof, reproval - an act or expression of criticism and censure; "he had to CAO since the crisis unfolded. A deal would strengthen the presence of BP in the aviation-fuel supply sector in China. This is the second time BP has been linked with a major deal for a state-owned Chinese oil firm. Reports last month said BP boss Lord Browne had held talks with Chinese president Hu Jintao over a partnership with Sinopec, the biggest producer and marketer of refined oil products in China. However, Chinese officials are thought to oppose a deal involving Sinopec because of the strategic importance of oil. |
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