The state-owned Chinese jet fuel trader said CAOHC will inject $75.77 million; BP, through subsidiary BP Investment Asia, will invest $44 million and Temasek, through unit Aranda Investments, will pump in $10.23 million.

In addition, CAO will sell a 10 percent stake to its creditors for $22 million within the next two weeks.

Post-restructuring, CAOHC will have a 51 percent stake, BP will hold 20 percent, while Temasek will have a 4.65 percent stake.

Minority shareholders will hold 14.35 percent.

"The joint investment by China Aviation Holdings Company, BP and Aranda signifies that the restructuring of CAO has reached another milestone," said CAO chairman Jia Changbin.

Based in Singapore, CAO sought court protection from creditors after revealing in November 2004 it had lost US$550 million from derivatives trading.

It was the biggest financial scandal in Singapore since the collapse of British merchant bank Barings in 1995 after young trader Nick Leeson tried to hide over US$1 billion in losses from financial derivatives trading.

CAO's suspended chief executive, China-born national Chen Jiulin, has been charged with 15 counts of cheating and forgery while running the company. Four other executives were also charged in connection with irregularities.

BP will nominate two independent directors of CAO and appoint a head of trading and head of risk management. Temasek will not have a representative on the CAO board.

"British Petroleum fully supports the restructuring plans for China Aviation Oil (Singapore) which will clear the way for China Aviation Oil to start afresh," said Mike Bennetts, regional director for British Petroleum Supply and Trading.

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