BP Plc has invested 350 million yuan ($49 million) to acquire a 15% stake in a Chinese company specializing in sustainable jet fuel, marking its entry into one of the largest aviation markets globally.
The investment was made in a subsidiary of Zhejiang Jiaao Enprotech Stock Co., as announced by BP’s China unit on Thursday. The acquisition is pending government approvals.
Zhejiang Jiaao plans to complete the construction of a sustainable jet fuel plant by the first quarter of 2025, which will have an annual production capacity of 500,000 tons. The biofuel will be produced from used cooking oil and animal waste fat, according to a separate statement from the company.
Earlier this year, Boeing Co. criticized major oil companies for not doing enough to produce sustainable aviation fuel, highlighting the industry’s frustration with the limited supply. Zhejiang Jiaao has stated that biofuels could reduce aviation sector emissions by 65% by 2050.
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