China Aviation Oil (Singapore) Corporation Ltd

What China Aviation Oil (Singapore) Corporation Ltd does

China Aviation Oil (Singapore) Corporation Ltd (SGX: G92, "CAO") is the largest physical jet fuel buyer in the Asia-Pacific region and the key importer of jet fuel into China. Founded in 1993 and listed on the Singapore Exchange, the company specializes in the procurement and trading of aviation fuel for airlines and aviation operators across the region, with China — a market expected to consume over 40 million tonnes of jet fuel annually — as its primary destination. Its core business is physical jet fuel supply and trading, operating on a transactional fee revenue model with thin per-tonne margins; gross profit per tonne reached US$4.70 in H2 2025, up 77% year-on-year due to Middle East supply disruptions. The company reported FY2025 revenue of approximately US$16.4 billion and net profit of US$110.6 million, supported by a US$683 million net cash position and zero net debt. CAO serves enterprise-class airline customers through direct B2B sales relationships, and plans to expand into sustainable aviation fuel (SAF) alongside its core jet fuel operations.

In January 2026, CAO's board confirmed that its controlling shareholder China National Aviation Fuel (CNAF), which held a 51.3% stake, would merge with Sinopec (China Petrochemical Corporation), China's largest oil and petrochemical products supplier, following approval by the State-owned Assets Supervision and Administration Council. By July 2026, CNAF transferred all of its equity to Sinopec, establishing the energy major as CAO's indirect controlling shareholder. The restructuring occurred at the parent-entity level and is not expected to materially affect CAO's normal business operations, though it deepens the company's structural integration into China's state-controlled aviation fuel supply chain. The company operates with a lean headcount of 101–250 employees from Singapore.

Name

China Aviation Oil (Singapore) Corporation Ltd

Legal name

China Aviation Oil (Singapore) Corporation Ltd

Website

https://caosco.com

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

101–250 employees

Short description

China Aviation Oil is the largest physical jet fuel buyer in the Asia-Pacific and the key importer of jet fuel into China, serving airlines and aviation operators across the region through B2B physical fuel procurement and trading.

Ownership category

akta.pro rank

Product category

Aviation Fuel Trading

NAICS

Fuel Dealers (45721)

SIC

Wholesale-Petroleum Bulk Stations & Terminals (5171), Wholesale-Petroleum & Petroleum Products (No Bulk Stations) (5172)

akta.pro primary industry

Aviation Fuel Marketing (Into-Plane, Airport Fueling) (EUALAIAH)

akta.pro secondary industry

Sustainable Aviation Fuel (SAF) & Alternative Fuels (e-fuels, biofuels, hydrogen) (THABANAA)

Keywords

• Aviation fuel trading
• Jet fuel supply
• Physical fuel procurement
• Airline fuel distribution
• Aviation fuel logistics

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Infrastructure, Personnel

Revenue model

1. Jet Fuel Trading: Revenue generated from trading jet fuel volumes across the Asia-Pacific region. The company procures and trades physical jet fuel, with total trading volumes affected by market conditions and strategic decisions such as the cessation of crude oil trading.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

China Aviation Oil (Singapore) Corporation Ltd is the largest physical jet fuel buyer in the Asia-Pacific region and the key importer of jet fuel into China. The company engages in physical jet fuel procurement, trading, and supply to airlines and aviation operators, with total trading volumes driven by market conditions across the Asia-Pacific region. It is also pursuing growth in sustainable aviation fuel alongside its core jet fuel supply and trading operations.

Product overview

China Aviation Oil (Singapore) Corporation Ltd is a physical jet fuel trading and supply company operating as the largest physical jet fuel buyer in the Asia-Pacific region and the key importer of jet fuel into China. The company specializes in jet fuel supply and trading operations, with plans to grow its sustainable aviation fuel (SAF) business. Core business activities center on jet fuel procurement, trading, and supply to the aviation sector.

Differentiator

Problem solved

Functional benefit

Products and services

• Physical Jet Fuel Trading and Supply

Quantifiable outcome

• FY2025 net profit of US$110.6 million, a 14% earnings beat
• +2 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Two partnerships are on record, tiered core.

• China Petrochemical Corporation (Sinopec)coreStrategic or Co-development Partner · 10 July 2026CNAF (China National Aviation Fuel), CAO's parent company, transferred all equity to Sinopec (China Petrochemical Corporation), establishing Sinopec as the indirect controlling shareholder. Sinopec absorbed all of CNAF's assets and operations in a restructuring approved by the State-owned Assets Supervision and Administration Council.
• China National Aviation Fuel (CNAF)coreStrategic or Co-development Partner · 8 January 2026CNAF is the parent company holding a 51.3% stake in China Aviation Oil. CNAF merged with Sinopec, with Sinopec absorbing all of CNAF's assets and operations. This corporate restructuring was approved by the State-owned Assets Supervision and Administration Council.

Scale indicators8 records

Recent moves6 records

Expansion highlights4 records

Emerging players

• Neste Oyj: Neste is the world's largest producer of renewable diesel and a leading sustainable aviation fuel (SAF) producer. Comparable as CAO is positioning to grow its SAF business and Neste represents the principal SAF supplier/distributor in aviation decarbonization.

Direct peers

• World Fuel Services: World Fuel Services is a global aviation, marine and land fuel logistics and trading company that supplies jet fuel to commercial airlines and business aviation operators. Highly comparable as a physical aviation fuel trader/distributor serving airlines worldwide.
• Trafigura Group: Trafigura is one of the largest independent physical commodity traders, active in jet fuel procurement, blending and supply. Comparable as a competing physical jet fuel trader with significant Asia-Pacific operations.
• Gunvor Group: Gunvor is a major independent global commodities trader with active jet fuel trading and supply operations. Comparable to CAO as a physical jet fuel trader competing for airline customers and Asian market share.
• Vitol Group: Vitol is the world's largest independent physical oil trader, with significant jet fuel trading operations supplying airlines and resellers across Asia-Pacific and globally. Closely comparable trading model and customer base to CAO.

Others

• China National Aviation Fuel (CNAF) Group: CNAF was CAO's 51.3% controlling shareholder until its 2026 merger with Sinopec. As China's dominant aviation fuel supplier and the parent entity that historically controlled CAO, it is closely linked though not a current operating peer.

Broad incumbents

• Shell plc (Shell Aviation): Shell Aviation is one of the world's largest aviation fuel suppliers, providing jet fuel and into-plane services at major airports globally. Directly comparable to CAO's core business of physical jet fuel procurement and supply to airlines.
• ExxonMobil Aviation: ExxonMobil's aviation division supplies jet fuel globally through its integrated upstream and refining network. Comparable as a major aviation fuel supplier, though within a much larger integrated oil major.
• BP plc (BP Aviation): BP's aviation fuel marketing division is a global into-plane aviation fuel supplier. Comparable to CAO as both operate in aviation fuel marketing, though BP is far larger and operates across broader geographies and integrated upstream/refining.

Regional players

• SK Energy / SK Trading International: SK Energy is a Korean integrated oil refiner and trader with jet fuel operations across Asia. Comparable to CAO's regional jet fuel supply model, though primarily focused on Korean and Northeast Asian markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/china-aviation-oil-supply-co-

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about China Aviation Oil (Singapore) Corporation Ltd