China's largest jet fuel importer, China Aviation Oil and Emirates National Oil have teamed up to build a US$135 million oil terminal on Singapore's Jurong Island.

The two oil firms will form a joint venture called Horizon CAO Terminals, with China Aviation taking a 20 percent stake and Emirates National holding the rest.

Their Jurong Island terminal is expected to go into operation by January 2006. The first phase will include a terminal for petroleum, chemicals and vegetable oil products.

(CRI March 24, 2004)