from Argus media:
The new oil tax system announced by three Chinese government agencies on 14 May slaps a levy equivalent to nearly $30/bl on "diluted bitumen", the category through which Venezuelan crude is imported into China. Because Venezuelan crude is already subject to steep discounts reflecting sanctions risks and quality issues, the tax would wipe out a chunk of the sales margin for Venezuelan state-owned PdV and the intermediaries through which it operates. Even if Merey or look-alike grades such as Singma were rebranded as crude to avoid the new tax, the crude import quotas to which independent refiners are subject limits their ability to buy it.