China Aviation Oil (Singapore) Corporation Ltd
A Subsidiary of China National Aviation Fuel Group Corporation
8 Temasek Boulevard
#31-02 Suntec Tower Three,
Singapore 038988
Tel: (65) 6334 8979
Fax: (65) 6333 5283
Tlx: CAO RS20338
Email: admin@caosco.com
China aviation oil (Singapore) Corporation ltd
A Subsidiary of China National Aviation Fuel Group Corporation
中国航油（新加坡）股份有限公司
中国航空油料集团公司子企业
2007 Annual Report 年度报告
Striding 稳固中坚，茁壮成长
ONWARD
Jet Fuel Supply Trading of Oil Products Oil-Related Assets
Corporate Profile
China Aviation Oil (Singapore) Corporation Ltd (“CAO”) was incorporated in Singapore on 26 May 1993. It was
listed on the mainboard of the Singapore Exchange Securities Trading Limited on 6 December 2001.
The single largest shareholder of CAO is China National Aviation Fuel Group Corporation (“CNAF”). CNAF is a large
state-owned enterprise in the PRC and owns about 51% of the total issued shares of CAO. BP Investments Asia
Limited is a strategic investor of CAO, owning 20% of the total issued shares of CAO.
CAO’s current principal activities are jet fuel supply and investments in strategic oil-related assets. CAO intends to
resume trading of oil products when it has put in place all appropriate risk management and organisational system
and structures. CAO will also continue to seek investment opportunities in strategic oil-related assets.
Content
Corporate Profile
02 Chairman’s Statement 38 Risk Management
10 Executive Director’s Review 42 Financial Performance Review
16 Board of Directors 48 Corporate Information
23 Key Management Profile 49 Statement of Corporate Governance
26 Management 61 Financial Statements
28 2007 Highlights 98 Shareholding Information
30 Our Strategy 99 CAO Share Price / Trading Volume Information
31 CAO in the News 100 Corporate Calendar
34 Our Business: 101 Notice of AGM
Jet Fuel Supply Proxy Form
Investments in Oil-Related Assets
公司简介
中国航油（新加坡）股份有限公司（简称“CAO”）于1993年5月26日在新加坡注册成立，2001年12月6日成为上
市公司。
CAO的最大股东是中国航空油料集团公司 “CNAF”
（ ），这是中国大型国有企业之一。CNAF持有CAO约51%的股份。
BP投资亚洲公司是CAO的战略投资者，持有CAO 20%的股份。
公司目前主要业务是航油供应和投资战略性的油品相关资产。CAO正准备重新恢复油品国际贸易业务，但这项业务
只有在相应的风险管理和组织结构全部到位后才能开始运作。
CAO也正在继续寻找战略性的油品相关实业投资机会。
Jet Fuel Supply
Import of jet fuel into China. Our
customers are airports in Shanghai,
Beijing and Guangzhou.
Trading of Oil Products
To complement CAO’s core business
of jet fuel procurement, we will
commence trading of oil products.
Oil-Related Assets
Our 33% stake in Shanghai Pudong
International Airport Aviation Fuel
Supply Company.
内容
01 公司简介 40 风险管理
06 董事长献辞 44 业绩回顾
13 执行董事报告 48 公司信息
21 董事会 49 公司治理报告
25 管理层主要人员简介 61 财务报告
26 管理层 98 股权结构
28 2007年大事记 99 CAO股票价格/成交量信息
30 公司战略 100 公司事务时间表
31 媒体关注:中国航油 101 常年股东大会通告
35 公司业务 代理表格
航油供应
油品相关实业投资
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007 0
Chairman’s Statement
Going forward,
we will take
on additional
calculated risks to
sustain our growth
objectives and build
up the capabilities
that we need
to successfully
compete in the
future.
02 China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
Dear Shareholders, same day. Mr Zhang Xingbo, the other former Deputy Head
of STF, was appointed Deputy General Manager. About
2007 was another eventful year. We successfully implemented three months later, Mr Wang Chunyan was appointed Chief
the Creditors’ Scheme. The outcome was far better than Financial Officer. These changes are a testament to CAO’s
what was anticipated at the time of conceiving the Scheme. successful transition to a normal management structure.
As part of the deferred debts had to be met by the sale of
our 5% stake in Compania Logistica de Hidrocarburos, S. Creditors’ Scheme
A. (“CLH”), Management did an excellent job in disposing As mentioned earlier, we completed the sale transaction of
the stake at a very attractive price that was higher than our 5% stake in CLH during the course of the year. This was
envisaged. Consequently the excess cash was deployed to an important transaction as it yielded a handsome net cash
pay off the entire debt. The accelerated debt payment had proceed of US$199.3 million and a net profit of US$134.8
resulted in the settlement of our obligations four years ahead million, which strengthened our financial position considerably.
of the schedule.
The Board decided that part of the proceeds should be
We introduced a new currency for our financial reporting. As utilised to pay off all the outstanding debts owed to creditors
announced, we began to report our performance in the United under the Scheme of Arrangement. Following the payment
States Dollar from the first quarter of 2007. of a total of US$73.3 million outstanding debts on 17 May
2007, we had settled all our debts four years ahead of
Having settled the key issues, the Board finally adopted schedule. Not only did the early repayment of outstanding
the Developmental Strategy for CAO’s future development. debts bring us substantial interest savings, it also boosted
We have also continued to strengthen our management CAO’s image and strengthened the confidence of investing
structures and governance standards to implement this new public and lenders in CAO.
phase of our work.
Corporate Strategy
Corporate Governance CAO’s growth strategy for the next five years was an
The current Board, which was formed in March 2006 following important issue which the Board deliberated at length
the Company’s debt and equity restructuring, has remained during the course of the year. I am pleased to advise that we
active. The Board and its five standing committees continue have mapped out a strategy to link our three core business
to discharge their responsibilities objectively and fairly. The components, i.e. jet fuel supply, trading of relevant oil
Management provides the Board with monthly updates on products and investments in oil-related assets.
operational and financial performance of the Group.
For our key business of jet fuel supply to the PRC, we will
The Board has successfully implemented practically all of the transform the current supply model into one that will monetise
recommendations by the Corporate Governance Assessment our competitive advantages. Under the current business
Committee (“CGAC”), a committee set up by the previous model where transactions are back-to-back, our market risk
Board to review corporate practices of CAO and propose is low and the margins are fixed. We aim to create more
improvements to its internal controls and corporate governance flexibility and options for CAO and our customers under
practices. The only important recommendation that has yet the new business model, which includes extending into
to be implemented is the appointment of the Chief Executive jet fuel trading/hedging activities and optimising shipping
Officer (“CEO”). We expect to appoint a CEO soon now that a options. We will then be able to offer enhanced services to
developmental strategy has been mapped out. our customers and increase shareholder returns. Having
strengthened our capabilities in the PRC, we will then
In the absence of a CEO, the Senior Officers Meeting explore options to venture into other markets in the region.
(“SOM”) continues to carry out the decisions of the Board This would be in line with our parent company’s strategy,
and conduct the day-to-day affairs of the Group. The Special which is to position CAO as an international oil trading arm.
Task Force (“STF”), which was established at the beginning
of CAO’s restructuring, was disbanded on 15 June 2007. Besides jet fuel, we also intend to commence trading of
The STF had accomplished its mission of implementing the other relevant oil products in 2008 to build our competitive
Creditors’ Scheme and the rehabilitating and rebuilding of advantage and trading capabilities. To complement and
CAO. Mr Zhang Zhenqi, the former Deputy Head of STF, was enhance the returns on jet fuel supply and oil product
appointed Executive Director and General Manager on the trading, we will seek investments in oil-related assets.
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007 0
Chairman’s Statement
Having access to synergetic assets will also strengthen our Review & Financial Indicators
competitive advantage. A combination of trading activities CAO supplied a total of 4.2 million tonnes of jet fuel to the
and asset acquisitions could also potentially increase the PRC in 2007, which was about 11% less than the amount
Group’s performance. delivered in 2006. The decline was from a high base in 2006
where the imbalance in demand and PRC domestic supply
I am pleased to advise that the Board has endorsed Management’s resulted in unusually high import volumes. Domestic refineries
plans to cautiously resume trading of other oil-related products, increased their production of jet fuel in 2007 proportionately
after being satisfied that CAO has put in place all the appropriate more than the growth in PRC’s total jet fuel demand, resulting in
risk management and organisational structure. We do not a corresponding decline in our import volumes. Our turnover in
intend to engage in speculative options trading. 2007 was about US$3.0 billion. This was US$1.1 billion or 60%
higher than 2006. As CAO started recording the underlying jet
To prepare for the resumption of trading, the Board and fuel procurement contracts as revenue only from May 2006
Management have identified the risks relating to trading and with the change in its procurement method, turnover for these
have implemented measures to assess, mitigate and manage two years is not directly comparable. Previously under the
these risks. In this regard, we are grateful to BP, which agency method of procurement, commission income received
has provided invaluable assistance and unstinting support was recorded as revenue instead.
to us during this process, through their Board nominees,
management secondees and management staff. During the year, the Group’s profit before tax was US$195.7
million. This included an exceptional gain of US$160.2
The Risk Management Committee (“RMC”) has set million from the sale of our stake in CLH. Profit after tax
and approved the trading guidelines and risk limits set and attributable to shareholders (“net profit”) was US$168.3
by the Management, to ensure that the risk appetite is million, which translates into earnings per share of about
commensurate with the financial resources and trading US$0.23. This was lower than US$228.2 million recorded for
capabilities of CAO. The RMC also approved the products the preceding year as 2006 included an exceptional gain of
or instruments to be traded by CAO and key measures US$192.0 million from debt waived under the restructuring
to assess, mitigate and manage risks related to trading exercise. Excluding the exceptional items in both years, the
activities, such as preparation of daily mark-to-market Group’s net profit in 2007 was US$33.5 million compared
reports, segregation of duties, trader induction programme to US$36.2 million in 2006, a drop of about 7%. This was
for new traders and implementation of CAO Trader mainly due to a decline in gross profit in line with lower
Guidelines and Revised Risk Management Manual. import volumes and a non-recurrence of dividends from
CLH following the sale transaction.
The Risk Management Department, which has a second
direct reporting line to the RMC, together with our out- Our associated company, Shanghai Pudong International
sourced internal auditor, will ensure compliance to trading Airport Aviation Fuel Supply Company (“SPIA”) continued to
limits and other risk control processes and guidelines. contribute significantly to our profits. In line with the growth
of China’s civil aviation industry, the total volume of jet fuel
The Independent Directors and China National Aviation supplied by SPIA to the airlines operating in Shanghai Pudong
Fuel Group Corporation (“CNAF”) nominee Directors have International Airport was about 2.4 million tonnes in 2007,
undergone training and briefing sessions conducted by BP to an increase of about 9% compared to 2006, which resulted
ensure that the entire Board has a good understanding of the in a turnover of RMB13.5 billion. Excluding the exceptional
oil trading business. We shall grow this business cautiously and gain from the sale of CLH stake, SPIA contributed about
meaningfully within our means and resources. 76% of our net profit in 2007.
Global Trader Programme Our balance sheet improved significantly during the year.
As CAO plans to commence trading activities, we submitted Net assets at the end of the year was US$268.6 million, a
an application to International Enterprise Singapore sharp increase of 154% from US$105.7 million at the end of
(“IE Singapore”) to be re-admitted to the Global Trader 2006. As at 31 December 2007, our accumulated retained
Programme (“GTP”). We were successfully awarded the earnings stood at US$38.7 million, which was a reversal
GTP status for a period of five years from 1 January 2008. from the accumulated losses of US$120.0 million as at 31
As a GTP company, CAO will enjoy a concessionary tax rate December 2006. The Group’s net tangible assets per share
of 10% on qualified offshore trading income. more than doubled to US$0.3716 over the same period.
0 China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
Dividends Mr Yang Chuan, a nominee of CNAF, resigned as a Director
I am pleased to advise that the Board has decided to in June 2007. On behalf of the Board, I thank him for his
recommend for the approval of the shareholders at the valuable contributions to CAO, first as Executive Director
forthcoming Annual General Meeting a special dividend and Deputy Head of STF, then as Non-Executive Director.
of S$0.05 per share to be paid from the proceeds of the
sale of CLH stake. The Board has also recommended I would also like to express my heartfelt appreciation to
a final ordinary dividend of S$0.02 per share, which is the STF, especially to the team leader, Mdm Gu Yanfei.
the same as the final ordinary dividend paid for the Under her outstanding leadership, the STF has done a
previous year. remarkable job of reviving CAO. Throughout the two-and-
a-half years as the Head of STF, she had shouldered her
The total recommended dividend payout of S$0.07 per heavy responsibilities extremely well, demonstrating tenacity
share is the highest ever paid out by CAO in a year since and working tirelessly under very tough and challenging
its initial public offering in 2001. This is a gesture of our conditions. We are pleased that she has agreed to remain
appreciation to you, our shareholders, for your loyalty, as an Advisor to CAO. The Group has continued to benefit
support and confidence in the Group. from her insight, experience and wisdom.
Shareholder Communications The Management led by Mr Zhang Zhenqi has done a
and Corporate Transparency commendable job of implementing the decisions of the
During the year, we continued to work on strengthening Board and putting proper systems and structures in place.
corporate transparency and disclosure, with the They have also put in tremendous efforts in the formulation
implementation of measures to ensure that all disclosure of our corporate strategy.
compliance requirements are duly met in a timely fashion. A
clearance process and structure for all public communications I am also very grateful to our banks for demonstrating their
materials have been put in place as well. Our website has confidence and trust in us moving forward. I am thankful
been revamped to provide useful information to the public to the many business associates which continue to actively
about CAO and to update shareholders and investors on participate in our tenders for jet fuel requirements. To our
our latest news. numerous clients in PRC, I am very appreciative of their
understanding, commitment, cooperation and assistance in
The SIAS Investors’ Choice Award for Most Transparent the course of our business undertakings. It is a sign of their
Company (Runner-up in Foreign Listings Category) continued confidence in us supplying the jet fuel to them
awarded to CAO in 2007 is recognition of our efforts in speedily both in qualitative and quantitative terms.
enhancing corporate transparency post-restructuring.
This is indeed an encouraging achievement for us and To our loyal shareholders especially CNAF and BP, thank
we remain committed to raise our standards of corporate you for your support and confidence in us. We will continue
governance and further enhance corporate transparency to work hard to increase shareholder value.
to sustain investors’ confidence.
Outlook & Conclusion
Market capitalisation of the Group as at the end of 2007 was We expect the growth of China’s civil aviation sector to
about S$1.85 billion, more than double the value in 2006. continue to outpace the region and the world in the coming
years. Singapore will remain a robust trading hub for oil
Appreciation and oil-related products. With a clearly defined strategy
The Directors have continued to work hard even though the in place, we are ready to meet the challenges ahead and
Company’s operations and administration have practically seize opportunities that will contribute towards enhancing
returned to normal. I thank them wholeheartedly for their long-term shareholder value. Going forward, we will take on
dedication and invaluable contributions. additional calculated risks to sustain our growth objectives
and build up the capabilities that we need to successfully
At the Board level, we warmly welcome Mr Sun Li, the new compete in the future.
President of CNAF, as our Deputy Chairman. He took over
as Deputy Chairman from Mr Zhao Shousen from 30 April
2007. We have since benefitted much from Mr Sun’s wealth Lim Jit Poh
of experience in the PRC oil and gas industry. Chairman
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007 0
董事长致辞
0 China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
董事会几乎全面贯彻实施了公司治理评估委员会提出的建
“ 在前进的道路上，我们 议。这个委员会是上届董事会成立的，其目标是审议和评估
CAO的公司行为，提出改进公司内部控制和治理的建议。到
目前为止，只有一项重要的建议还没有得到落实，那就是总
将适当承担一些可控的额 裁职位依然空缺。既然公司发展战略已经出台，我们预期不
久后会任命一位总裁。
外风险，以持续实现公司 在总裁职位空缺期间，高级办公会议继续执行董事会的决
策和处理公司的日常事务。在CAO开始重组时成立的特别
增长目标以及培养未来所 工作组已于2007年6月15日解散。特别工作组完成了债务
和股权重组计划以及恢复重建CAO的使命。同一天，前特
需的竞争力。” 别工作组副组长张振启先生被任命为执行董事兼总经理，另
一位前特别工作组副组长张兴波先生被任命为副总经理。大
约3个月后，王春焱先生被任命为公司的财务总监。这些变
化表明CAO成功地向正常管理结构过渡。
债务重组计划
如前所述，我们在2007年完成了出售CLH 5%股权的工作，
尊敬的各位股东: 净收入达1.993亿美元，净利润达1.348亿美元，大大加强了
公司的财务状况。
2007年是公司又一个重要之年。在这一年，我们成功地执
行了债务重组方案，而且其结果远远优于当初制定这一计 董事会决定，出售CLH 5%股权的部分净收益应用于公司偿
划时的预期目标。由于部分递延债务必须用出售CLH 5%股 还债务重组计划下尚余欠的债务。2007年5月17日，我们偿
权所得来偿付，公司管理层在出售CLH 5%股权时表现出 清了总额达7330万美元的所有债务，整整提前了4年偿还了
色，最终以比预期高且十分吸引人的价格完成交割。公司 债务重组计划下所有债务。这一举措不仅为公司节省了大
也因此使用盈余现金提前4年加速偿还了重组方案中的全 量利息，而且还提升了公司的形象，增强了投资公众和借
部剩余债务。 贷方对公司的信心。
另一方面，我们在财务报告中采用了新的货币。公司已 公司战略
公告，我们从2007年第一季度起开始用美元来报告公司 董事会在过去的一年中一直在审慎地思考CAO今后5年的发
的业绩。 展战略。我非常高兴地告诉大家，我们已制定出了公司战
略,将我们的三项核心业务: 航油供应、油品贸易和与油品
董事会在解决了主要问题后，最终批准了CAO未来的发展 相关的实业投资连接起来 。
战略。我们一如既往地加强公司管理结构，进一步提高公
司治理标准，执行这个新阶段的工作。 关于向中国市场供应航油的核心业务，我们将把目前的航油
采购模式转变为航油供应优化模式，以最终实现公司竞争优
公司治理 势。现行的业务模式是一种背对背的交易，市场风险低，利
现行的董事会是在公司完成债务和股权重组后于2006年3月 润也是固定的。我们的目标是为CAO和我们的客户创造一个
成立的，目前仍在发挥积极作用。董事会及其下设的5个委 更灵活和更多选择的新的业务模式，包括延伸到航油贸易、
员会继续客观、公正地履行各自的职责。公司管理层每月向 套期保值和船运优化等业务。这样，我们才能为客户提供增
董事会呈报公司的经营和财务业绩报告。 值服务和为股东创造更大的回报。一旦我们的能力和地位在
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007 07
董事长致辞
中国得到巩固和加强，我们就可以在本地区的其他市场探 商资格，有效期从2008年1月1日开始，为期五年。作为环
索新的发展机遇。CAO的战略同我们的母公司的战略是一 球贸易商计划下的公司，CAO的合格岸外贸易收入将享有
致的。中国航空油料集团公司(“CNAF”)把CAO定位为其 10%的优惠税率。
油品国际贸易的主渠道。
业绩评估和财务指标
除了航油，我们在2008年也打算开展其它相关油品的贸易， 2007年CAO向中国供应航油共计420万吨，与2006年同期
以培养我们的竞争优势和贸易能力。为配合航油供应和油品 相比下降了11%。2006年中国国内航油生产不足，供需不
贸易业务并增强这两项业务的回报，我们也将设法寻求与油 平衡，导致进口航油需求增大，而2007年中国国内炼厂增
品相关的实业投资。具有协同效应的实业投资将会增强我们 加了航油生产量和供应量，中国国内航油供应量的增长幅
的竞争优势。贸易业务和实业投资的结合也可能有助于提升 度大过整体航油的需求，结果导致公司的航油进口量相应
公司的整体表现。 下滑。2007年公司的全年营业额约30亿美元，与2006年
同期相比增长了60%或11亿美元。由于从2006年5月起公
我高兴的告诉大家，董事会在确认各项适当的风险管理和组 司的航油采购模式发生了变化，采用了将整个交易价值纳
织结构已到位后，认可了管理层审慎地恢复其它相关油品贸 入营业额的主体模式，而此前的代理模式是以佣金作为营
易的计划。我们将不会进行投机性的期权交易。 业额，所以把2007年度的整体营业额同2006年度的营业额
进行比较是不适当的。
为了准备恢复贸易，董事会和管理层已确认了与贸易相关
的风险，并已制定了评估、降低和控制这些风险的措施。 2007年公司的税前利润达1.957亿美元。这其中包括出售
就这方面，我们要感谢战略合作伙伴BP，因为在准备恢复 CLH 5%股权的特殊收益1.602亿美元。归属股东的全年税
贸易的过程中，BP通过其提名董事、派出的管理人员和其 后利润（“净利润”）为1.683亿美元，每股盈利为0.23美
管理人员，给予了慷慨的支持和协助。 元。这个数字低于上一年度全年净利润。2006的全年净利
润为2.282亿美元，其中包括了一笔债务重组计划下削债
风险管理委员会设定并批准了管理层制定的贸易指导准则和 所得的1.92亿美元特殊收益。剔除这两年的特殊收益后，
风险限额，以确保风险承受力与公司的财务资源和贸易能力 2007年公司全年净利润为3350万美元，2006年为3620万
相匹配。同时风险管理委员会也批准了CAO可以进行贸易的 美元，2007年全年净利润比2006年下降了约7%。这主要
产品和工具，及其评估、降低和控制与贸易活动相关的风险 是因为航油供应量减少导致毛利下降以及公司出售CLH股
的措施，例如：准备每日盯市报告、责任分制、为新贸易员 权后不再获得来自CLH项目的分红。
所设的贸易员培训计划、执行《CAO贸易准则》以及修订后
的《 风险管理手册》。 我们的附属公司上海浦东国际机场航空油料有限公司（“浦东
航油”）继续为我们的利润做出了重大贡献。随着中国民用航
风险管理部可以直接向风险管理委员会汇报，并会同我们 空业的发展，2007年浦东航油向上海浦东国际机场各航空公司
外包的内部审计师确保遵守贸易限额和其他风险控制进程 供应了约240万吨航油，同2006年相比增长了约9%，营业额
以及贸易指导准则。 达135亿元人民币。剔除出售CLH 5%股权的特殊收益，公司
2007年的全年净利润中约76%是浦东航油贡献的。
独立董事和CNAF的提名董事都参加了BP组织的培训，以确
保整个董事会对贸易业务有充分的了解。我们将在我们物力 2007年我们的资产负债表有了显著改善。截至2007年底，公
和财务的范围内审慎的、有意义的推进这项业务。 司净资产达2.686亿美元，而2006年底公司的净资产为1.057亿
美元，2007年公司净资产比上一年度猛增了154%。截止到
环球贸易商计划 2007年12月31日，我们累计盈利达3870万美元，而截至2006年
由于CAO打算开展贸易活动，我们向新加坡国际企业发展 12月31日，我们的累计亏损为1.2亿美元。同上一年度相比，
局申请重新纳入环球贸易商计划。我们成功获得环球贸易 2007年公司每股净资产值翻一番多，每股达0.3716美元。
0 China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
股息 我也要衷心感谢特别工作组，尤其是特别工作组组长顾炎
我高兴的在此宣布，董事会决定建议在即将召开的年度股东 飞女士。在她杰出的领导下，特别工作组出色地使CAO获
大会上批准从脱售CLH股权的销售收益中派发每股0.05新元 得了新生。顾炎飞女士领导特别工作组达2年半时间，她肩
的特别股息。董事会也建议同2006年一样派发每股0.02新 负起了令人难以置信的重任，以坚忍的毅力，在非常艰苦
元的年终普通股息。 和极具挑战的环境中不知疲倦地工作。我们非常高兴她同
意继续担任CAO的顾问。公司将继续受益于她敏锐的洞察
两项派发的特别股息每股共计0.07新元，这是自CAO于 力、经验及其睿智。
2001年首次公开上市以来派发股息最高的一年。这是为了
感谢股东们对公司表现出的忠诚、支持和信心。 张振启先生领导的管理层在贯彻董事会决策和推行正确的管
理制度和结构方面所做的工作也值得表扬。他们也在制定公
股东沟通和公司透明度 司战略过程中付出了巨大的努力。
2007年，我们继续强化公司透明度和披露工作，并采取了一
系列措施以确保所有信息披露符合各项规定。披露公共信息 我也要感谢我们的合作银行对我们向前迈进的信心和信任。
资料的审批流程和结构已全部到位。我们改进了向公众提供 感谢很多业务伙伴继续积极参与我们的航油招标。对于我们
CAO信息的公司对外网站，并通过这一平台及时向股东和投 在中国境内的众多客户，我非常感谢他们给予我们的理解、
资者提供最新消息。 信任、合作和帮助。这表明他们继续相信我们能迅速有效、
保质保量地向他们供应航油。
CAO荣获新加坡证券投资者协会颁发的2007年度国外上市
公司组别的“最透明公司奖项”第二名。这表明，我们在 对于我们忠诚的股东，特别是CNAF和BP，感谢你们对我们
重建和恢复发展过程中为提升公司透明度所做出的努力得 的支持和信任，我们会继续努力工作，为股东创造价值。
到了肯定。这对我们来说是一个令人鼓舞的成就。我们仍
然承诺将继续提升公司治理水平，进一步提高公司透明度 结束语
来维护投资者对公司的信心。 我们预期中国民用航空业的发展在未来数年将继续领先于
本地区乃至全世界的发展速度，新加坡将仍然是充满活力
截至2007年底，公司市值大约为18.5亿新元，同2006年底的 的石油和与油品相关产品的贸易枢纽。遵循公司清晰的发
公司市值相比翻了一番多。 展战略，我们随时准备迎接挑战，绝不轻易放过能长期为
股东创造价值的任何发展机遇。在前进的道路上，我们将
致谢 适当承担一些可控的额外风险，以持续实现公司增长目标
虽然公司的运作和管理恢复到了正常状态，但各位董事仍 以及培养未来所需的竞争力。
然继续努力工作。我衷心感谢他们做出的奉献和卓有成效
的贡献。
林日波
我们热烈欢迎CNAF新任总经理孙立先生担任我们的副董事 董事长
长。他是于2007年4月30日接替赵寿森先生担任副董事长。
孙先生在中国石油石化行业中有丰富的经验，自从他担任副
董事长职务以来，我们已获益匪浅。
CNAF的提名董事杨川先生于2007年6月辞去董事职务。杨
先生在公司先担任了执行董事和特别工作组副组长，后来
转任非执行董事，我代表董事会感谢他为CAO做出的宝贵
贡献。
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007 0
Executive Director’s Review
ship chartering and established direct links with shipping
companies, which helped to build the foundation for CAO’s
plans to optimise its jet fuel supply model and commence
trading of oil-related products.
CAO successfully sold its 5% stake in a Spanish company,
Compania Logistica de Hidrocarburos, S.A. (“CLH”). After taking
into account capital gain tax and other expenses, the net gain to
CAO from this sale transaction was about US$135 million. CAO
utilised part of the proceeds from the sale of the CLH stake to
repay all outstanding deferred debts under the creditors’ scheme
of arrangement. Not only did the full repayment of deferred debts
bring about substantial savings in interest expense, it also improved
CAO’s financial position significantly.
CAO’s 33% stake in Shanghai Pudong International Airport
Aviation Fuel Supply Company (“SPIA”) remains a key
contributor to our net profits. Our share of SPIA’s results in 2007
was US$25.5 million, an increase of 14% over 2006. This was
mainly due to an increase in the supply of China’s domestic jet
fuel, which has helped to lower SPIA’s average cost of sales
and thus resulted in an improvement in its gross profit.
Dear Shareholders, During the year, CAO made a partial divestment of its
2007 was a year where CAO’s rehabilitation efforts stake in China Aviation Oil Xinyuan Petrochemicals Co.
yielded significant results. During the year, CAO repaid Ltd (“Xinyuan”), a non-core asset of CAO, to Juzhengyuan
all outstanding debts owed to scheme creditors under Petrochemical Co. Ltd (“Juzhengyuan”), an existing
a creditors’ scheme of arrangement four years ahead of shareholder of Xinyuan. As a result, our stake in Xinyuan
schedule, achieved steady business growth and improved has reduced from 80% to 39%. We completed the partial
its financial position. A good foundation has been laid for divestment in 2007 and received net proceeds of about
CAO’s future development. US$2.8 million. We believe that Juzhengyuan will be able to
better realise the potentials in Xinyuan.
2007 Operations Overview
Supplying imported jet fuel to China remains the core CAO recorded net profit attributable to shareholders (“net
business of CAO. We made good progress in the jet fuel profit”) of about US$168 million in 2007. Excluding the net
procurement business in 2007, maintaining competitive gain from sale of the CLH stake of US$135 million in 2007
tender pricings in the market. CAO procured and supplied and the gain from waiver of debts by the scheme creditors in
4.2 million tonnes of jet fuel in 2007, recording total revenue 2006 which amounted to US$192 million, net profit for 2007
of US$2.96 billion in the year under review. was US$33.5 million, a decline of 7%.
I am pleased to report that CAO has taken steps to improve Corporate Governance and Management
on its existing jet fuel procurement business model in 2007 Having drawn valuable lessons from its past financial fiasco,
to achieve better efficiencies and returns. We commenced CAO continued to improve and strengthen its corporate
0 China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
governance, internal controls and management practices three core components of our business. We made significant
during the year. The Board of Directors continued to discharge progress through the unstinting support and assistance of
its decision-making and supervisory role effectively. our strategic investor, BP. We have essentially completed
all preparatory work and laid a proper foundation for the
The Special Task Force was officially disbanded on 15 June resumption of trading.
2007. New executives were appointed to the positions
of Executive Director/General Manager, Deputy General To prepare for the resumption of trading, we have completed
Manager and Chief Financial Officer. These changes marked the following in 2007:
CAO’s successful transition to a normal management and
operational structure. 1. Implementation of internal control policies, which
included Corporate Policy on Anti-Money Laundering
To further strengthen internal controls, Management issued Measures, Out-of-office Dealing Policy, Telephone
several management directives during the year, which included Taping/Instant Messaging/Mobile Phone Policy and
Corporate Policy on Anti-Money Laundering Measures, Revised Deal Entry Policy. We have also revised the Joint
Human Resource Manual, Investor Relations Policy and a policy Operations Manual pertaining to jet fuel tenders and
to improve our performance evaluation system. updated the trading limits in the Risk Management
Manual according to our plans to resume trading.
Management has adhered to the Board’s request to provide
monthly financial accounts to the Board and revised the 2. Implementation of the Energy Trading and Risk
Financial Management Manual in accordance to new Management System (“ETRM”). We have completed
accounting standards and requirements that have arisen the implementation of the ETRM after close to half a
from our plans to resume oil trading. year of installation and testing. We have also completed
the renovation of the server room. The entire system
Corporate Strategy and Progress will be ready for operation once we commence trading
of Trading Resumption activities.
Following extensive market researches and analyses on
the oil markets of China and Asia and taking into account 3. Building up the trading team capabilities. With the
our competitive advantages, CAO finalised its corporate assistance and support of BP, we have a trading team
strategy in 2007. in place where the traders are equipped to operate
and execute trading strategies.
Our strategy will focus on implementing a jet fuel supply
and trading business model to realise our competitive 4. Obtaining sufficient financial and credit facilities. As
advantages, commencing trading of other oil-related CAO’s financial position improves, we have obtained
products to strengthen our competitiveness and investing in sufficient banking facilities required to support our oil
oil-related assets to enhance shareholder value. Management trading business.
will strive to deliver the strategy and nurture CAO to be an
internationally competitive energy trading company with 5. In terms of the necessary procedures, we have
investments in oil-related assets. approached relevant counterparties for discussion on
trading agreements, established settlement accounts
CAO suspended the trading of oil products about three for trading and installed a phone trading system,
years ago due to significant losses from options trading. amongst others. CAO has also submitted its plans
However, preparatory work for the resumption of trading for hedging crude oil and oil products trading to the
began since oil trading had been identified as one of the relevant PRC authorities.
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
Executive Director’s Review
Priorities for 2008 Appreciation
2008 will be the first year where CAO executes its I would like to express my appreciation to all
corporate strategy. We will strive to eradicate the weak shareholders of CAO. CAO would not have been able
links and build up our core competencies to achieve to rebuild its business and get on track without the
stable development for CAO, creating higher value for support and understanding of shareholders, especially
both shareholders and stakeholders. our parent company, China National Aviation Fuel Group
Corporation (“CNAF”) and strategic investor, BP. I am
CAO will continue to improve on its existing jet fuel particularly grateful to CNAF for its continuous support
procurement model in 2008. We plan to integrate jet in providing personnel and other resources to support
fuel supply and trading activities and provide value- CAO’s rehabilitation and development process, and
added services for our customers by injecting more also for its invaluable guidance and inputs during the
flexibility into our business model. We also intend to formulation of CAO’s corporate strategy. I am also very
commence jet fuel trading activities, subject to market grateful to BP for their unstinting support and guidance
conditions. We will continue with our ship chartering in our preparation to resume trading by sharing their
business in order to provide better jet fuel supply expertise in trading and risk management.
services, thereby creating value for our customers and
shareholders. My heartfelt thanks to the Board for their excellent work
and invaluable contributions in the past year. We have
In addition, we will gradually commence hedging benefitted from the Directors’ experience and their
activities for oil products depending on business speediness, objectivity and fairness in decision-making.
needs and within our means and resources. We do I would specifically like to thank our Chairman, Mr Lim
not expect the scale of this business to have any Jit Poh. He has put in a great deal of time and effort
material impact to our operations this year. We will to the rehabilitation and development of CAO. CAO has
concurrently conduct market researches on other oil benefitted tremendously from his wisdom and dedication,
products to seek opportunities to embark on trading and from his tireless guidance towards the members of
of other oil and petrochemical products. the Senior Officers Meeting.
CAO will also proactively seek out investment I would also like to thank my fellow colleagues and all
opportunities for oil-related assets that are in line with staff for their cooperation, support and suggestions. My
our corporate strategy, such as storage and logistics appreciation also goes to our business associates for
facilities. their support to CAO and I look forward to the continued
strengthening of our ties and cooperation with our
In the area of corporate governance, Management business associates.
will continue to strengthen its corporate governance
practices, implement all policies and procedures,
including the revised performance appraisal Zhang Zhenqi
system, Financial Management Manual, accounting Executive Director/General Manager
procedures, disclosure procedures, risk management
policies and training policies. We will also continue to
strengthen internal work processes and operations
and accord priority on staff training, especially in the
areas of building up our trading capabilities, project
development and risk management.
2 China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
执行董事报告
2007年公司成功出售所拥有的西班牙CLH公司5%的股权，扣
除资本利得税等费用支出后公司获得净收益1.35亿美元。公
司利用出售CLH的部分收益提前4年全部偿还了剩余的重组
递延债务，节省了大量的延期债务利息支出，公司的财务
状况得以明显改善。
公司拥有33%股权的上海浦东国际机场航空油料有限公司
（“浦东航油”）仍然是公司利润的主要来源。2007年公司
对浦东航油的投资收益为2550万美元，较2006年增长14%。
这主要是由于中国国内航油供应量增加，使浦东航油的平均
采购成本有所降低，经营毛利水平随之提高。
公司在这一年里将非核心投资项目——中国航油新源石化有
限公司（“新源”）的部分股权出售给该公司的另一家现有
股东巨正源石化公司（“巨正源”），从而将公司持有的股
权从80%减少到39%。公司在也2007年完成了股权出售的全
部工作，并取得约280万美元的净现金。我们相信巨正源能
更好的发挥新源的经营优势。
2007年公司全年税后归属股东利润(“净利润”)1.68亿美
元。剔除两笔特殊收益，即出售CLH 5%股权所得1.35亿美元
和2006年债务重组计划下削债所得1.92亿美元，公司2007年
全年净利润为3350万美元，较2006年减少7%。
尊敬的各位股东：
公司管理和治理
2007年是中国航油恢复重建取得成果的一年。在这一年， 2007年在总结期权亏损事件教训的基础上，CAO持续改善和
公司不仅提前4年偿还了债务重组计划中的全部剩余债务， 强化公司治理、内部控制和管理方式。公司董事会继续有效
而且业务发展稳定，财务状况持续得到改善。这为公司今 发挥决策和监督作用。
后发展奠定了良好的基础。
2007年6月15日，公司正式撤销特别工作组，先后任命了新
2007年经营情况 的执行董事兼总经理、副总经理和财务总监。公司顺利步入
向中国供应进口航油仍然是公司的核心业务。2007年公司 了正常管理和运作轨道。
航油采购业务进展顺利，在市场上保持了较强的竞价采购
能力。2007年公司共销售航油约420万吨，营业额达29.6亿 2007年公司管理层为进一步加强企业内部管理，下发一系列
美元。 管理指令。这些管理指令包括反洗钱措施、修改后的人力资
源手册、投资者关系政策、改善绩效评估系统的措施等。
我很高兴的向各位股东报告，公司在2007年开始逐步改进航
油采购业务模式，以提高效率和回报。公司顺利启动了自行 在财务方面，公司管理层严格按照董事会的要求，定期每月
租船业务，与船运公司建立了直接的联系，为以后优化航油 向董事提供财务报表，并根据恢复贸易的计划和记账要求，
供应及开展油品国际贸易奠定了一定基础。 更新了《财务管理手册》。
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
执行董事报告
公司战略和恢复贸易进展 2. 经过近半年时间的安装和调试，公司的贸易和风险
经过长时间对中国和亚洲油品市场的分析和研究，结合公 管理系统已经正式安装完毕，相应的服务器机房改
司自己的业务优势，中国航油在2007年完成制定了公司的 造也已完成，整个系统可以在公司开展贸易活动时
整体发展战略。 正式运行。
公司的战略发展规划重点是以推行航油供应与贸易模式， 3. 贸易团队建设：公司在BP的支持和协助下，成立了有
实现公司的竞争优势；以开展其它相关油品的贸易来增强 能力操作和运行公司贸易方案的贸易团队。
公司的竞争实力；以开展与油品相关的实业投资来实现公
司战略的整体价值。公司管理层将认真贯彻公司的战略发 4. 财务和信用支持方面：在公司的财务状况不断改善
展方针，努力把公司建设成为具有跨国经营优势的能源贸 的基础上，公司已获得了恢复贸易所需的银行信用
易和油品相关实业投资公司。 支持。
公司自发生期权危机事件以来，国际贸易已经停顿了近3年 5. 手续方面：公司已与相关交易对家进行接触，协商
时间。公司将油品国际贸易继续定位为主要业务之一的方向 贸易协议；并完成了有关贸易结算账户的设立、电
后，开始了有关恢复贸易的准备工作。在战略投资者BP的 话交易系统的安装等工作。与此同时，公司也向中
协助下，通过稳步、细致的推进，公司于2007年基本完成 国有关方面完成了原油、成品油的套期保值的报送
了有关准备，为正式恢复贸易奠定了坚实基础。 备案工作。
公司在恢复贸易准备方面，主要完成了如下工作： 2008年工作重点
2008年是公司落实整体战略的第一年。我们将努力消除薄
1. 出台并下发了内部管理政策，包括《反洗钱政策》、 弱环节，提升核心竞争力，实现公司的稳健发展，为股东
《办公室外交易政策》、《电话/及时通讯/手机监听政 和利益相关方创造更高的价值。
策》以及《交易录入政策》；更新了《航油招标采购联
合操作细则》；并配合恢复贸易工作，补充制定《风险 我们将在2008年继续改善现有的航油采购模式，将航油供应
管理手册》中的贸易限额。 与贸易相结合。公司将采用灵活的方式为用户提供航油供应
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
执行董事报告
2007年是中国航油恢复重建取得成
果的一年。在这一年，公司不仅提前
4年偿还了债务重组计划中的全部剩
余债务，而且业务发展稳定，财务状
况持续得到改善。这为公司今后发展
奠定了良好的基础。
增值服务。公司也将根据市场情况逐步开展航油国际贸易， 助公司的恢复重建和发展，并在公司制定战略的过程中给予
同时我们也将继续推进租船业务，在为用户提供良好航油供 指导和宝贵的意见。我们也非常感谢BP在公司准备开展油品
应服务的同时也为用户和公司股东创造价值。 国际贸易过程中给予慷慨的支持和指导，跟我们分享了BP在
国际贸易和风险管理方面的专门知识。
在进行航油供应的同时，我们将根据业务的需要在适度规模
范围内逐步从事油品套期保值业务，这种业务的规模将对公 我非常感谢董事会一年来卓有成效的工作和极为宝贵的贡
司2008年度的经营不产生实质性的影响。在从事航油供应与 献，他们不仅经验丰富，而且在决策方面快速、客观、公
贸易的同时，我们也将对其它油品市场等进行分析，寻求拓 正。我要特别感谢董事长林日波先生为公司的恢复重建和
展其它油品和化工品的国际贸易机会。 发展付出了大量的心血和时间。林先生的智慧、尽心尽职
的精神，以及对高级办公会议成员孜孜不倦的指导，让公
在实业投资方面，公司将积极寻找适合公司发展战略、与油 司获益匪浅。
品相关的实业资产，例如仓储、物流设施等。
感谢我的同事和全体员工在我工作过程中给予的配合、支
在公司治理方面，管理层进一步加强公司治理，严格执行各 持、建议和合作。感谢所有商业伙伴对公司的支持，并期
项规章制度，推进和落实修订后的绩效考评制度、财务管理 待我们不断加强合作与联系。
制度、审计制度、披露制度、风险管理制度、培训制度和有
关业务制度等；完善业务工作流程；抓好人才专业技能培训 张振启
工作，并把培训的重点放在提高国际贸易能力、项目开发能 执行董事兼总经理
力和风险管理方面。
致谢
在此，我要向公司的全体股东致谢。公司能够恢复重建、顺
利步入发展正轨，离不开全体股东的理解和支持，尤其是母
公司中国航空油料集团公司（“CNAF”）和战略投资者BP。
特别感谢CNAF一如既往的在人力和物力方面给予支持，协
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
Board of Directors
董事会
From Left to Right
Standing
lee Suet Fern 林学芬
Zhang Zhenqi 张振启
liu Fuchun 刘福春
Michael Bennetts
Zhao Shousen 赵寿森
Meng Fanqiu 孟繁秋
Seated
Sun li 孙立
lim Jit poh 林日波
paul reed
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007 7
Board of Directors
董事会
Lim Jit Poh Sun Li
Chairman (Non-Executive, Independent) Deputy Chairman (Non-Executive, Non-Independent)
• Appointed on 28 March 2006 • Appointed on 30 April 2007
• Chairman of Remuneration and Risk Management
Committees since 29 March 2006 Mr Sun Li is the President of China National Aviation Fuel
• Member of Audit and Nominating Committees Group Corporation (“CNAF”) since February 2007. Prior to
since 29 March 2006 this appointment, he held the position of Deputy President
of CNAF from November 2005 to January 2007.
Mr Lim Jit Poh is the Chairman of ComfortDelGro Corporation
Limited, SBS Transit Ltd, VICOM Ltd, Ascott Residence Mr Sun has extensive management experience in the
Trust Management Limited, Sky China Petroleum Services petroleum and chemical industry. He joined Liaoyang
Ltd and China Printing & Dyeing Holding Limited as well as Petrochemical & Fibre Company (“Liaoyang Petrochemicals”)
a director of several other listed companies. Mr Lim is also a in December 1975 after graduation. He was promoted
director of several unlisted companies under the ownerships several times and was the Deputy General Manager when
of the Singapore Labour Foundation and Temasek Holdings he left Liaoyang Petrochemicals in 1998.
Pte Ltd.
At Liaoyang Petrochemicals, he participated in trainings on
Mr Lim was a former top civil servant and a Fulbright Scholar. corporate management conducted by IBM, ENSPM (France)
He was awarded the Public Administration Medal by the and ICI (Britain). He is thus familiar with the various corporate
Government of Singapore in 1972 and three awards by the management systems in large multi-national companies.
National Trades Union Congress, namely Friend of Labour
Award in 1986, Meritorious Service Award in 1990 and Mr Sun was the Deputy Director of the Refinery Department
Distinguished Service Award in 2000. In 2006, he was also of China National Petroleum Corporation from October 1998
one of the recipients of the Distinguished Science Alumni to September 1999. From September 1999 to December
Award from the National University of Singapore. Mr Lim is a 2002, he served as the General Manager of PetroChina
trustee of the Singapore National Employers’ Federation. Lanzhou Petrochemical Company. From December 2002 to
November 2005, he was the General Manager of PetroChina
He holds a Bachelor of Science (Honours) in Physics from Chemical and Sales Company.
University of Singapore and a Masters of Education from the
University of Oregon, USA. Mr Sun is currently the Chairman of China National Aviation
Fuel Corporation Ltd and China National Aviation Fuel Land
Petroleum Co., Ltd.
He graduated from Tsinghua University, where he majored
in polymer chemistry. Mr Sun holds a Postgraduate Diploma
with a qualification title of Senior Engineer. He attended
the MBA course at Capital University of Economics and
Business in Beijing and the Masters course in Politics at the
Party School of the Central Committee of the Communist
Party of China.
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
Zhao Shousen Meng Fanqiu
Non-Executive, Non-Independent Director Non-Executive, Non-Independent Director
• Appointed on 28 March 2006 • Appointed on 28 March 2006
• Vice-Chairman of Audit, Remuneration and Nominating
Committees since 29 March 2006 Mr Meng Fanqiu is the Division Director of the Planning
• Member of Disclosure and Risk Management and Development Division of China National Aviation
Committees since 29 March 2006 Fuel Group Corporation (“CNAF”). He has been involved
in management, investment, company reform and legal
Mr Zhao Shousen is a Senior Accountant (professor level) policy issues since he joined CNAF in 2003. He led the
and Chief Accountant of CNAF. He joined Shengli Petroleum steering committee for the restructuring of China Aviation
Administration (“SPA”) in 1986, and had held several senior Oil Supply Corporation. The restructuring resulted in the
management positions, including Deputy Division Director formation of China National Aviation Fuel Corporation Ltd,
of the Finance Division, Deputy Director and Director of which has been performing well.
the Department of Financial Assets. He held the position
of Chief Accountant of SPA between February 2000 and Mr Meng was an official of Civil Aviation Administration
December 2001. Mr Zhao was appointed Director and Vice of China (“CAAC”) from 1991 to 2003 where he had
President of Sinopec Shengli Oil Field Co. Ltd. (“SSOFC”) extensive experience in law and enterprise reform. He
in May 2000, and subsequently as Director, Vice-President was directly involved in the drafting and enacting of the
and Chief Accountant of SSOFC from December 2001. He PRC Civil Aviation Law – the first law on civil aviation in
was appointed Chief Accountant of CNAF in January 2006. the PRC. He worked on the reform of the civil aviation
management structure, and participated in the drafting
Mr Zhao holds a Bachelor’s degree (Financial Accounting) of corporate reform plans for Air China Group, China
from Shandong Economic Institute. He is currently pursuing Eastern Airlines Group, China Southern Airlines Group
his doctorate degree. and logistic services. He was involved in the drafting of
corporate reform plans for several Chinese airports. Mr
Meng was the project leader of the merger between China
Eastern and China Northwest Airlines. He was awarded
Zhang Zhenqi the honorary title of “Elite Civil Servant” by CAAC.
Executive, Non-Independent Director
Mr Meng graduated from China University of Political
• Appointed on 15 June 2007 Science and Law (majored in International Economic
Law) and holds a Master of Business Law from Renmin
Mr Zhang Zhenqi is the General Manager of the Company. University of China. He is also a qualified legal attorney
He is responsible for the management and operations of the and is a qualified corporate legal advisor in the PRC.
Company.
Mr Zhang joined the Company on 25 April 2007. Prior to
this appointment, Mr Zhang was the General Manager of
Shanghai Pudong International Airport Aviation Fuel Supply
Company Ltd (“SPIA”), a position he held since 2001.
He was the Deputy General Manager of China Aviation Oil
Holding Company (now renamed China National Aviation
Fuel Group Corporation, “CNAF”) East China Company
from 1997 to 2001. From 1995 to 1997, he was the
General Manager of China Aviation Oil Supply Corporation
(“CAOSC”) Anhui Branch, a subsidiary of CNAF.
He holds a Bachelor and a Master degree in Economics from
Dongbei University of Finance & Economics, and also an EMBA
degree from Cheung Kong Graduate School of Business.
China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
Board of Directors
董事会
Liu Fuchun Lee Suet Fern
Non-Executive, Independent Director Non-Executive, Independent Director
• Appointed on 28 March 2006 • Appointed on 28 March 2006
• Chairman of the Nominating Committee since 29 March • Chairperson of Audit and Disclosure Committees since
2006 29 March 2006
• Member of Audit and Remuneration Committees since • Member of Remuneration and Nominating Committees
29 March 2006 since 29 March 2006
Mr Liu Fuchun was the Director and CEO of China National Mrs Lee Suet Fern is the Senior Director of Stamford Law
Cereals, Oils & Foodstuffs Corp (“COFCO”) from June 2000 Corporation. She has extensive experience in corporate law
to April 2007. Prior to this position, Mr Liu was an officer of in Singapore and the region, and has been involved in many
the General Office of COFCO and an executive at its U.S. significant corporate transactions. She has been named a leading
representative office from 1964 to November 1981. Between practitioner in many international professional publications.
November 1981 and July 1985, he was the Deputy Consul
of Chinese Consular Section in Vancouver. From July 1985 Mrs Lee sits on the respective councils of the Inter-Pacific Bar
to June 1991, Mr Liu held the positions of Deputy Division Association and International Bar Association, is a member of
Director and then Division Director of Oils and Fats Division the advisory board to the Singapore Management University
of COFCO, and General Manager of Top Glory (London) Ltd. Law School and is a board member of the National Heritage
From June 1991 to June 2000, he served as Vice President, Board and a trustee for Nanyang Technological University.
Managing Director and Deputy CEO of COFCO. She also serves on the boards of public listed companies in
Singapore, Hong Kong and New Zealand.
Mr Liu holds the title of Senior International Commercialist
awarded by the Ministry of Commerce of the PRC. He Mrs Lee holds a Master of Arts (Law) (double first) from
graduated from Beijing Foreign Trade Junior College Cambridge University. She is a Barrister-at-law of Gray’s Inn
and Beijing Foreign Trade Institute, where he majored in in London, and an Advocate and Solicitor of the Supreme
Accounting and English, respectively. Court of Singapore.
Paul Reed Michael J Bennetts
Non-Executive, Non-Independent Director Non-Executive, Non-Independent Director
• Appointed on 9 June 2006 • Appointed on 1 January 2007
• Member of the Audit and Risk Management Committees • Member of Remuneration, Nominating and Disclosure
since 9 June 2006 Committees since 1 January 2007
Mr Paul Reed is the Group Vice-President of Global Gas, Mr Michael Bennetts is the Chief Executive of Integrated Supply
BP. He joined BP in 1979 and spent most of his career and Trading, BP Eastern Hemisphere, having held this post since
developing expertise in commodity markets, supply activities August 2003. Mr Bennetts has over 20 years of experience in the
and trading. He spent 5 years focusing on the marine fuels global energy industry and his experience is concentrated in BP’s
business, and a further 13 years in other traded oil markets supply, trading and marketing businesses. He joined BP in 1983
and trading management roles. in New Zealand and has served in various roles in South Africa,
China, Singapore and the United Kingdom. His experience in
He also spent six years in various roles in the Gas and Power London was in BP’s corporate centre during 2002 and 2003. Mr
sector developing markets and infrastructure projects, Bennetts has Board level experience since 1999 in a number of
and held corporate roles in Finance, and Mergers and BP Group subsidiary companies and joint ventures.
Acquisitions. He began his current role in January 2008.
Mr Bennetts holds a Postgraduate Diploma in Corporate
Mr Reed graduated from Durham University, UK. He Management. He graduated as a Bachelor of Business
completed the PMD executive Programme at Harvard Studies majoring in Management from Massey University
Business School. where he graduated as a Massey Scholar in recognition
of his academic record.
20 China Aviation Oil (Singapore) Corporation Ltd
Annual Report 2007
林日波 赵寿森
董事长（非执行、独立） 非执行、非独立董事
• 2006年3月28日加入董事会 • 2007年4月30日加入董事会
• 薪酬委员会和风险管理委员会主席（自2006年3月29日起） • 审计委员会、薪酬委员会和提名委员会副主席（自
• 审计委员会和提名委员会成员（自2006年3月29日起） 2006年3月29日起）
• 披露委员会和风险管理委员会成员（自2006年3月29日起）
林日波先生是康福德高有限公司、新捷运有限公司、维康有限
pdf2txt : http://media.corporate-ir.net/media_files/irol/16/164043/ar2007.pdf
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