Tax rebate to make China a self-sufficient nation for low-sulphur fuel
Singapore’s bunker market will largely be unaffected by the new tax regime in China until Beijing allows the country to export its very low sulphur fuel oil to foreign markets
With the tax removal, China’s domestic production of very low sulphur fuel oil is expected to top 15m tonnes this year, enabling China to become a self-sufficient market in providing the compliant fuel for IMO’s sulphur cap, said a Chinese oil major executive
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