In the UK, Energy News reported that BP will invest $48.54 million to acquire a 15% stake in Lianyungang Jiaao New Energy, a producer of renewable diesel and sustainable aviation fuels. The Chinese firm is owned by Zhejiang-based Jiaao Enprotech. Lianyungang Jiaao New Energy has a SAF production capacity of 100,000 tons per year, according to the report. The report noted that the International Air Transport Association forecasted that the worldwide consumption of SAF is expected to reach 2.1 million barrels per day by 2050, or almost 24% of global jet fuel demand. In 2023, annual global SAF production will be around 2.24 million tons, with China contributing 298,000 tons.
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