According to an article published in Nasdaq, China has approved a long-awaited tax waiver on exports of cleaner ship fuel.
Boosting clean fuel output
It has also paved the way for refiners to boost output, though Beijing may initially limit shipments to focus on growing its coastal marine fuel market, state refiner officials say.
Ships globally have switched to lower sulphur fuels, or use emissions-removing devices, to comply with new rules imposed by the International Maritime Organization this year.
Tax waiver offered
China’s State Council, or cabinet, gave the go-ahead to waive taxes on the 0.5% or very low sulphur fuel oil (VLSFO), smoothing the path for the final launch of the policy to kick off Chinese production of the fuel.
“(Our) the company was informed yesterday about the tax waiver approval, so we’re getting ready for production plans,“ said one of the officials with a state-owned refiner, who declined to be identified as he was not authorized to speak to media.
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Source: NASDAQ
