Singapore offers carbon tax rebates for refiners near term

By Reuters

Jun 14, 2024 12:04 am

The tax concessions will provide a significant buffer for refiners' profit margins amid growing competition with newer plants in China and the Middle East.

Carbon tax costs are estimated at between 80 cents and $1 per barrel of crude input basis for refineries based on the $25 per ton of emission rate, according to consulting firms FGE and Wood Mackenzie. That would be close to a quarter of refiners' current margins in Singapore.

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