China’s exports of low sulfur marine fuel in March rose 57% on year to the second-highest monthly level on record, says an article on Reuters.
Information regarding Exports
March exports reached 1.68 million tonnes, extending strong growth in the first two months of the year when volumes doubled on an annual basis, customs data showed.
To promote low-sulfur fuel
The Chinese government last year started granting tax incentives to prompt production and exports of very low-sulfur fuel oil (VLSFO). The maximum sulfur content of 0.5% to comply with emission rules imposed by the International Maritime Organization.
Customs data also showed that fuel oil imports into bonded storage, which includes both high-sulfur and low-sulfur materials, were 905,960 tonnes last month, up from 750,000 tonnes a year earlier.
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Source: Reuters
