South Korea to Cut Rebates on Exports Using North Sea Crude

South Korean refiners that import North Sea crude stand to receive smaller rebates on their exports of oil products under tax changes scheduled to start April 1, according to government and refinery officials.

The government asked oil companies to submit comments on the proposed tax revisions by March 18, according to officials at the Korea Customs Service, SK Innovation Co. and the Korea Petroleum Association, which represents the country’s four oil-processing companies. They asked not to be identified, citing department and company policies.