The full implementation of a reform by the General Administration of Customs allowing bonded warehouses to serve dual functions has saved more than 8 million yuan ($1.18 million) in costs for relevant enterprises in Jingjiang, Jiangsu province, over the past year.
The reform allows a single warehouse to act as both a bonded warehouse and an export supervised warehouse. Domestically produced ship fuel can be directly declared for export, transferred within the warehouse, and used for bonded refueling without any physical movement.
The reform is expected to improve the efficiency of bonded fuel refueling and further reduce the warehousing costs of enterprises.
In May last year, Jingjiang-based Chimbusco Oil Storage & Transportation (Jiangsu) applied to Jingjiang Customs to carry out the reform in some of its storage tanks. Under the guidance of Jingjiang Customs, the company successfully launched its first business at the end of last August. As of May this year, the company had completed the warehousing of nearly 350,000 metric tons of domestically produced fuel, saving over 8 million yuan in costs.
Chimbusco Oil Storage & Transportation (Jiangsu). [Photo/WeChat account: jingjiangfabu]