The tax concessions will provide a significant buffer for refiners' profit margins amid growing competition with newer plants in China and the Middle East.
SINGAPORE ― Singapore is offering refiners and petrochemical companies rebates of up to 76 percent for its planned carbon tax for 2024 and 2025 to help them ease cost stress and remain competitive versus rivals elsewhere, four sources familiar with the matter said.The tax concessions will provide a significant buffer for refiners' profit margins amid growing competition with newer plants in China and the Middle East.
Shell declined to comment, while an ExxonMobil spokesman said: 'As a matter of practice, we do not discuss confidential matters.''The Singapore Refining Co. remains committed to support the Singapore government's policies through close partnership and continued dialogue,' an SRC spokesman said.
Offers Carbon Tax Rebates For Refiners Near Term
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