BP Plc 350 million yuan ($49 million) for a 15 percent stake in Zhejiang Jiao Enprotect Co. group. , a Chinese investment firm. The purchase of the jet fuel company, pending regulatory approval, will give BP access to one of the world’s largest aviation markets. Zhejiang Jiao is expected to complete construction of a sustainable jet production facility in the first quarter of 2025 with an annual capacity of 500,000 tons. Biodiesel is produced from cooking oil and fat from animal waste. The move comes as Boeing has criticized major oil companies for not being able to produce sustainable jet fuel. Biofuels have the potential to help the aviation sector reduce greenhouse gas emissions by 65 percent by 2050, according to Zhejiang Jiao.
