• Follow Us On Our Preferred Social Media Platform:

China: Sinopec conducts first bonded lube oil delivery under new Zhoushan operation model

08 Apr 2022

The following article published by Manifold Times on 8 April was sourced from China’s domestic market through a local correspondent. An online translation service was used in the production of the current editorial piece:

Recently, 3.6 metric tonnes (mt) of marine lube oil was released from a bonded warehouse located in the Zhejiang Free Trade Zone of Zhoushan and followingly sent to the anchorage for delivery to an international vessel.

The development marks the first time bonded marine lube oil in the Zhoushan area of ​​Zhejiang Free Trade Zone has been supplied under the new model of “first out of the zone and then customs declaration later”, according to a Thursday (7 April) notice from the Shandong Provincial People’s Government.

Under the original supervision mode, the supply of bonded oil to ships on international voyages needs to be declared at customs first before the exportation of oil products. If there is a discrepancy between the customs declaration and the actual oil delivery, the actual quantity declared for each ticket needs to undergo certain formalities due to changes in the order.

The latest development means oil supply enterprises can leave the free trade zone with the bonded oil products first without declaring the actual oil supply to customs beforehand.

A spokesperson of Sinopec Zhejiang Zhoushan Petroleum Co., Ltd. said the change was especially useful when certain urgent orders require prompt delivery of oil on the same day. It accommodated middle-of-the-day changes in planned operations after the goods leave the bonded warehouse.

After the implementation of the “first out of the zone and then customs declaration later” policy, Sinopec’s worries about unidentifiable factors in the supply of goods have been resolved.

To date, Sinopec Zhejiang Zhoushan Petroleum Co., Ltd. has supplied a total of 504 mt of marine lube oil from warehouses in the Comprehensive Bonded Zone, and aims to transfer its bonded marine lubricant supply business to the Zhoushan Comprehensive Bonded Zone.

From “multiple supply from one ship”, “direct supply across customs areas” to “first supply and then reporting”, a series of innovative models were introduced to further help Zhejiang Free Trade Zone to build an international maritime service base.

Xu Degang, deputy director of the third business division of Zhoushan Customs Office in Dinghai, said the supervision model will be continuously optimised through process reengineering to meet the new needs of oil enterprises.

Related: China: Shandong province conducts first bonded fuel oil bunker blending operation


Photo credit: Manifold Times
Published: 8 April, 2022

Related News

Featured News

Our Industry Partners

PR Newswire