On January 25, China Aviation Oil (Singapore) Corp. Ltd. (CAO) announced that it sold 5 percent interest in a Spanish company Compaoa Logistica de Hidrocarburos (CLH) for 171 million euros (about 222 million U.S. dollars).

The company said in a statement that it entered into a conditional Share Purchase Agreement (SPA) with Caixa De Afforros De Vigo Ourense E Pontevedra (Caixanova) for the sale of its 5 percent interest in CLH.

It announced the proposed transaction in October last year.

The book value of the Company's investment in CLH was approximately 115 million Singapore dollars (about 75 million U.S. dollars).

Based on the consideration payable, this reflected a gain of some 183 million Singapore dollars (about 119 million U.S. dollars) after taking into account applicable taxes and estimated transaction costs, the statement said.

CAO, once a major jet fuel supplier listed on the Singapore Exchange (SGX), lost 550 million U.S. dollars in oil derivatives trading in 2004 and applied to Singapore's High Court for judicial protection.

After restructured, trading in shares of CAO resumed on the SGX on March 29 last year.