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China has offloaded nearly four million barrels of Iranian crude oil into state reserve tanks in the southern port city of Zhanjiang over the past few weeks, a trade source and ship tracking...
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Traders are racing to deliver record volumes of Venezuelan crude oil masked as Malaysian bitumen blend to China, ahead of new fuel taxes that look set to upend the lucrative flow of sanctioned oil to the world's top crude importer.
Read more about Venezuelan oil, masked as Malaysian, rushes into China before fuel tax on Business Standard. China has over the past 12 months bought an estimated $3.5 billion worth of Venezuelan oil relabelled as Malaysian fuel
EnergyChina plugs tax loophole with import levies for key blending fuels Muyu XuChen Aizhu 3 minute read China will introduce hefty taxes on imports of light cycle oil (LCO), mixed aromatics and diluted bitumen from June 12 aiming to curb imports blamed for worsening a fuel surplus and polluting the environment. Authorities in south China have recently cracked down on illicit trade and sales of LCO, a blending fuel for diesel. The charges will inflate the cost of buying from regional suppliers such as South Korean refiners and international traders which in recent years have sold China recor...