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Tag: LNG

  • China imposes 15% tarrifs on US coal, LNG

    China imposes 15% tarrifs on US coal, LNG

    China will introduce tariffs of 15 per cent on imports of liquefied natural gas (LNG) products and coal from the United States in response to US tariffs.

    The Ministry of Finance in Beijing announced on Tuesday.

    According to the ministry, a 10 per cent tariff will also be applied to oil and agricultural machinery imported from the U.S., in measures set to come into force on February 10.

    In addition, Beijing announced an antitrust investigation into U.S. technology giant Google.

    U.S tariffs of 10 per cent on all Chinese imports were due to take effect shortly after midnight on Tuesday Washington time (0500 GMT), after U.S. President Donald Trump ordered the measures on Saturday.

    U.S tariffs on goods from Canada and Mexico, also announced by Trump on Saturday, were suspended for a month shortly before they were due to kick in following agreements between the U.S. and its two neighbors. There was initially no such agreement with China.

    Earlier on Monday, Trump did say that talks with the Chinese side would take place within 24 hours.

    Trump won November’s presidential election promising to slap high tariffs on foreign goods. He previously implemented a number of duties during his first term tenure from 2017 to 2021.

  • FG Announces VAT Exemptions for Diesel, LNG, CNG, and Electric Vehicles

    FG Announces VAT Exemptions for Diesel, LNG, CNG, and Electric Vehicles

    The Federal Government has announced value-added tax (VAT) exemptions on several key energy products, including diesel, Liquefied Natural Gas (LNG), Compressed Natural Gas (CNG), and electric vehicles, in an effort to reduce prices and enhance energy security, Okay.ng reports.

    This was revealed in a statement on Wednesday by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy. The exemptions are part of broader measures aimed at easing the cost of living and accelerating Nigeria’s transition to cleaner energy sources.

    “The VAT Modification Order 2024 introduces exemptions on a range of key energy products and infrastructure, including Diesel, Feed Gas, Liquefied Petroleum Gas (LPG), Compressed Natural Gas (CNG), Electric Vehicles, Liquefied Natural Gas (LNG) infrastructure, and Clean Cooking Equipment,” the statement read.

    Edun emphasized that the initiative is also designed to drive Nigeria’s shift to cleaner energy sources while lowering the financial burden on citizens.

    In addition to VAT exemptions, the Minister also announced tax incentives for deep offshore oil operations and gas production through the Oil & Gas Companies (Tax Incentives, Exemption, Remission, etc.) Order 2024. These incentives are expected to position Nigeria’s deep offshore basin as a leading destination for global oil and gas investments.

    “These reforms are part of a broader series of investment-driven policy initiatives championed by His Excellency, President Bola Ahmed Tinubu, in line with Policy Directives 40-42,” Edun added.

    “They reflect the administration’s strong commitment to fostering sustainable growth in the energy sector and enhancing Nigeria’s global competitiveness in oil and gas production.”