BP buys 15% of Chinese SAF producer for $49.5M

In China, Reuters reports BP has invested $49.5 million in Zhejiang Jiaao Enprotech’s SAF unit in exchange for a 15% shareholding. The company currently has a 500,000 ton per year SAF plant under construction in the eastern coastal city of Lianyungang. The investment represents the first SAF investment in China by an oil major. Zhejiang Jiaao Enprotech is one of China’s largest biodiesel producers. It will be using used cooking oil as feedstock for its SAF.