China Eases Tax Burden on Struggling Independent Refiners

China Eases Tax Burden on Struggling Independent Refiners

The province of Shandong, the key refining hub of China’s independent refiners, has raised the tax rebates for the fuel oil imports of six local refiners, in a move to ease the downward pressure on margins and boost economic activity. The Shandong provincial government has increased the consumption tax rebates to which the refiners, also known as teapots, are entitled for sales of gasoline and diesel refined from imported fuel oil, sources famil…