On August 22, 2023, Fujian’s first public crude oil bonded warehouse was launched at Berth 10# of Sinochem Quanzhou Petrochemical Co., Ltd. (hereinafter referred to as “Sinochem Quanzhou Petrochemical”) in the Qinglanshan warehouse area of Douwei Port, Quanzhou, Fujian Province. This marks an important step taken by Sinochem Quanzhou Petrochemical to effectively utilize the bonded logistics policy and enhance overall quality and efficiency.

The public bonded warehouse was specifically established with the approval of customs to store bonded goods and other goods that have not completed customs procedures, providing bonded warehousing services for society. They offer advantages such as relieving financial pressure on enterprises, improving customs clearance efficiency, reducing costs in customs clearance processes, and promoting the development of regional open economies.

Sinochem Quanzhou Petrochemical has declared the existing 200,000 cubic meters storage tank as a public bonded warehouse for crude oil. By utilizing the unique features of the bonded warehouse, such as “tax deferral” and “withdrawal and payment on demand”, the company can flexibly arrange production based on the fluctuation of international crude oil prices and capital turnover. This strategy aims to reduce the cost of oil procurement and overall production and operation expenses.