CAO gets backing from parent

China Aviation Oil Holding Co. the state-owned parent of collapsed China Aviation Oil (Singapore) Corp. (CAO), said it would provide financial support to its Singapore-listed unit to resume its jet fuel procurement activities, but added that support would not be unconditional. In a statement, China Aviation Oil Holding said it would support CAO's restructuring proposal, but that support was dependent on sufficient resolution of the legal and regulatory issues concerning CAO's US$550m losses on oil derivatives trading.