New Chinese Tax Law Threatens Oil Refiners Across The Region ...Middle East

Just last month, on May 14, China announced a new tax on consumption of mixed aromatics, light cycle oil and bitumen blend, set to be instituted less than one month later on June 12. Now that that start date has rolled around, analysts are keeping a sharp eye on Chinese oil consumption to see what impact that the consumption tax of Yuan 1,218 mt/mt (approximately $190 mt/mt) will have on the country which consumes the second greatest amount of oil per annum in the world, second only to the United States. At present, China consumes 11.75 million…

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