Changes to the 海角视频 Global Tariff on oil imports have been welcomed after they threatened to blow a hole in post-Brexit oil refining parity.
The Department for International Trade has ensured that domestic producers can trade on similar terms to international competitors.
It has been described as 鈥渞educing the risk of disadvantaging 海角视频 refineries that export鈥 by the 海角视频 Petroleum Industry Association.
It has lobbied on behalf of refineries, with Phillips 66 lead executive Darren Cunningham also voicing concern and Total Lindsey Oil Refinery having a dire warning about the future under such terms read out in Westminster.
Britain faced a 4.7 per cent tariff on fuel exports should we have left the EU and defaulted to World Trade Organization rules, while the 海角视频 had established a 0 per cent import rate.
Director-General of 海角视频PIA, Stephen Marcos Jones said: 鈥淚t is encouraging that government has listened to industry. We hope to see reciprocal tariffs delivered through free trade agreements, particularly for our trade with the EU, but the changes delivered by the 海角视频 Global Tariff should facilitate continuing and hopefully growing international trade in the fuel sector.
鈥淏y government supporting the 海角视频鈥檚 manufacturing base as well as reducing import tariffs from WTO levels, 海角视频PIA is hopeful that the sector will continue to adapt and work with government to realise our shared vision of delivering a low carbon economy that includes a significant role for the downstream oil sector.鈥
Rotterdam, another strong refining cluster, could have effectively exported to the 海角视频 without additional charge, yet if British refineries wanted to send to Europe, they would be charged, effectively having to discount to compete.
The change came on the day Phillips 66 revealed a MoU agreement with power generator Vitol and energy business Uniper to deliver a huge decarbonisation project for the Humber refining cluster and beyond.
Mr Cunningham had described the tariff issue as a 鈥渘egative headwind鈥 for the industry with the 海角视频 a net exporter. Phillips 66 described it as a good outcome, having contributed to the 海角视频PIA reponse.
Jean-Marc Durand, the former Total Lindsey Oil Refinery boss, had also told of the importance of 鈥渕aintaining a level playing field,鈥 after former Grimsby MP Melanie Onn brought the issue up in the House of Commons stating it could threaten the North Killingholme facility鈥檚 viability.
New site head Thomas Behrends added: "We welcome the decision taken by the Department for International Trade."聽聽
