BP Plc has acquired a stake in a Chinese sustainable jet fuel company for 350 million yuan ($49 million), giving the oil major a foothold in one of the world’s biggest aviation markets.
The company purchased a 15% stake in a subsidiary of Zhejiang Jiaao Enprotech Stock Co., according to a statement late Thursday from BP’s China unit. The acquisition is subject to government approvals, it added.
Earlier this year, Boeing Co. accused the world’s biggest oil companies of doing too little to produce sustainable aviation fuel as industry signaled frustration about the lack of supply. Zhejiang Jiaao said biofuels could help the aviation sector reduce emissions by 65% by 2050.