• 3 minutes The World Economic Forum (WEF) - Davos 2022 Conference held this last week of May
  • 8 minutes How Far Have We Really Gotten With Alternative Energy
  • 12 minutes  What Russia has reached over three months diplomatic and military pressure on West ?
  • 8 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 3 days Natural Gas is the Cleanest and most Likely Source of Energy to Fuel the World.
  • 2 days "Russia will stop 'in a moment' if Ukraine meets terms - Kremlin" by Reuters via Yahoo News...but Reuters suddenly cut out the balanced part of the story.
  • 13 hours "The Global Digital ID Prison" by James Corbett of CorbettReport.com
  • 4 days Advancing Fundamental Drilling Science - Geothermal drilling successes offer potential gain for petroleum industry
  • 2 days "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
Saudi Arabia Is Not Spending Its Oil Windfall

Saudi Arabia Is Not Spending Its Oil Windfall

Saudi Arabia, the world’s top…

China Increases Oversight On Crude Import Of Oil Majors

Chinese authorities have urged some of the biggest state-owned oil firms to provide information about their use of imported crude as part of a wider attempt to close tax loopholes and reduce the fuel glut, Reuters reported on Thursday, citing an “urgent notice” to the state companies it had reviewed.

According to the notice, Sinopec, China National Offshore Oil Corporation (CNOOC), Sinochem Group, ChemChina, and China North Industries Group had to provide to the National Development and Reform Commission (NDRC) historical information about how they have been using the crude oil they have been importing, and whether they have resold crude to other companies in the country.

Unlike independent refiners, which are issued semi-annual quotas for crude imports, the state refiners’ imports are not capped by quotas.

Yet, in recent months, China has been increasing the oversight on the refining industry in order to crack down on the illicit fuel trade, close loopholes that some companies have been using to avoid paying fuel consumption taxes, and curb the fuel oversupply, part of which is the result of tax avoidance or tax evasion.

Earlier this month, the Chinese authorities said they would impose a consumption tax on imported light cycle oil (LCO), mixed aromatics, and diluted bitumen as of June 12.

China is thus seeking to close a tax loophole that refiners have so far used to import cheap blending fuels for making gasoline and other fuels. The taxes are part of the efforts to ease the domestic fuel glut and reduce pollution by heavily taxing the imports of several kinds of blending fuels, which are being used by refiners to produce lower-quality fuels.

Last month, China stepped up pressure on independent refiners to uproot illegal tax practices and check if outdated facilities have been closed as required, Bloomberg reported, quoting sources with knowledge of the plans.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News