Chinese tax reform will trigger a gradual shift in the bunker fuel market away from Asia’s dominant hub, reports Petroleum Economist.
With the new IMO regulations kicking in, the timing of a package of Chinese tax reforms will have a greater impact on the future of the Asian bunker fuel market.
Big game changerChina applies both consumer and value-added taxes to bunker fuels, even for bonded sales. This leads blenders to import about 90pc of the blendstocks, mostly from Singapore and Malaysia.
“The...
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