Shanghai Pudong International Airport Aviation Fuel Supply Company Ltd

Formed in 1997, Shanghai Pudong International Airport Aviation Fuel Supply Company Ltd ("SPIA") is the sole supplier of jet fuel for Shanghai Pudong International Airport ("Pudong Airport"), China's second largest airport. It is also the exclusive owner and operator of jet fuel supply facilities, including a 42-km pipeline directly connecting Pudong Airport to Shanghai Waigaoqiao port.

SPIA provides jet fuel procurement, distribution and storage services for all domestic and international airlines at Pudong Airport. SPIA currently services more than 60 airlines. International flights historically accounted for 75% to 85% of all scheduled flights at Pudong Airport.

In July 2002, CAO bought a 33% stake in SPIA, and became the second largest shareholder in SPIA. The other two shareholders are Shanghai Pudong International Airport (40%) and Sinopec Gaoqiao Petrochemical Corporation Co. Ltd (27%).

Annual volumes of fuel supplied by SPIA from 2003 to 2006 are as follows: