Asia/Pacific News
China to Stimulate Free Zone Refined Product Exports
China will grant export quotas for refined oil products to non-state refineries in the Zhejiang pilot free trade zone, Reuters reports citing a goverment statement.
Fuel export quotas have only been granted to state-backed oil firms in the past.
The state council also said it would study raising export rebates for very low-sulphur fuel oil (VLSFO) and allow companies to carry out bonded oil blending within the free trade zone for the supply of clean marine fuel.
China has approved a long-awaited tax waiver on exports of VLSFO and more than a dozen refineries backed by state-owned PetroChina, Sinopec and CNOOC have exported the cleaner bunker fuel via Zhoushan port in Zhejiang free trade zone.
In addition, the statement encouraged Zhoushan free trade zone to carry out trial business of liquefied natural gas filling for bunkers.
