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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)
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