The Ministry of Finance and the State Administration of Taxation promulgated the "Circular on Adjusting the Partial Fuel Oil Consumption Tax Policy" on August 30, granting exemption or full refund of consumption tax on fuel oil raw materials for the purpose of producing chemical products such as ethylene and aromatics. Industry analysts believe that the New Deal benefits from a narrow area.

According to the “Notice”, companies that use fuel oil to produce chemical products such as ethylene and aromatics that account for more than 50% (including 50%) of the total production of fuel oil used by the company can enjoy the benefits of the new policy. Ethylene and other chemical products refer to ethylene, propylene, butadiene and its derivatives; aromatics and other chemical products refer to benzene, toluene, xylene, heavy aromatics and mixed aromatics.

The domestic bulk information service provider CBI believes that this new policy will benefit from a narrow area. At present, domestic refineries that process fuel oil are relatively weak in chemical technology and basically do not have ethylene crackers and aromatics extraction devices, and it is difficult to enjoy the New Deal. Most domestic private chemical companies, even though they own ethylene and aromatics plants, often use naphtha or aromatic petroleum resins as raw materials for processing. Rarely use fuel oil directly to produce ethylene or aromatics.

The refineries that have both oil refining facilities and improved chemical processing capabilities are mostly medium-sized enterprises such as Sinopec and PetroChina. They all have stable crude oil supply, produce self-produced light oil as raw materials, and purchase fuel oil as the raw material for processing. small.

Although the current production of ethylene or aromatics chemical products from fuel oil is not yet common, some analysts believe that the new policy may be driven by the introduction of consumption tax in 2008, to give naphtha processing duty-free policy, and fuel oil Without corresponding supporting policies, it may be detrimental to the development of new technologies. "The introduction of the new policy may reflect more policy fairness."

However, there are also market participants who say that the introduction of the new policy may provide a way to avoid taxation for individual refineries. “Like gasoline itself, it is close to the structure of aromatics. There may be refineries that sell invoices for aromatics produced from gasoline to avoid the consumption tax on raw material fuel oil. However, if this possibility arises, it will be totally dependent on it. In the country's follow-up supporting measures and market supervision."