In China, Reuters reported that Chinese biofuel firm Zhejiang Jiaao Enprotech said its sustainable aviation fuel unit has entered an investment deal with BP. The report said that BP has agreed to invest a total of $49.56 million for a 15% stake in Lianyungang Jiaao Enproenergy Co, which is building a 500,000 ton per year SAF plant in the eastern coastal city of Lianyungang. Jiaao is one of China’s first investors spending more than a billion dollars turning waste cooking oil into the lower-carbon aviation fuel for export and to meet domestic demand, the report added.
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