China National Aviation Fuel Company (CNAF) on Monday said it has agreed to acquire a stake in a sustainable aviation fuel (SAF) plant owned by Henan Junheng Industry Group Biotech Co, reports Investing.com.
The deal marks CNAF’s second investment in privately-run green jet fuel production. The state-owned company, which is China’s largest aviation fuel distributor, shared the update on its official WeChat account but did not reveal the financial terms.
Junheng, based in central China, is one of the country’s early commercial refiners of sustainable aviation fuel. The company converts used cooking oil into low-carbon jet fuel.
