Carbon tax likely to drive up costs for oil refinaries

The government is looking at a rate of $10-20 per tonne of emmissions.

According to Reuters, a tax proposed by Singapore on emissions of greenhouse gases will likely cover the city-state's oil refineries, a government official said on Tuesday, driving up costs in one of the region's key energy hubs. Singapore said in budget proposals announced on Monday that a carbon tax on direct emitters was set to be introduced from 2019.

"The proposed threshold that we are looking at is 25,000 tonnes of carbon dioxide equivalent of greenhouse gas emissions annually (and) the refineries exceed this threshold," the government official told Reuters in an email, declining to be identified.

Read the rest of the story here.