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CNPC completes world's first biojet fuel transaction on AOM platform

By Zheng Xin | chinadaily.com.cn | Updated: 2024-04-23 14:44

An exhibition space for China National Petroleum Corporation, parent company of PetroChina, is pictured during an exhibition in Shanghai. [Photo/IC]

China National Petroleum Corporation has recently completed the world's first biojet fuel transaction on the Argus Open Markets (AOM) platform in Europe, a significant milestone in the company's integration of bioenergy operations.

Global energy and commodity price reporting agency Argus has extended its AOM real-time electronic price discovery platform to include used cooking oil and used cooking oil methyl ester prices in the Asia-Pacific in 2023 amid rising demand for renewable feedstocks and fuels worldwide. AOM now serves as the primary marketplace for physical bioenergy transactions in Europe.

Looking ahead, CNPC said it would continue deepening its involvement in international biojet fuel trading, bolster strategic planning efforts, strengthen market influence, and drive the company's green transformation and development.

Biojet fuel, which cuts emissions of carbon dioxide by more than half over the whole life cycle, has gained momentum against the backdrop of carbon peak and carbon neutrality goals in the country in recent years.

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