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According to the latest announcement from the U.
S.
Department of Commerce, Shell and Chevron are the first oil and gas industry participants to receive a 25% import tax exemption on steel imposed by President Trump, after the administration agreed to import special steel
that is not made in the United States.
The U.
S.
Commerce Department approved tariff exemptions for 2,760 tons of steel casing and production tubing, which Shell said will be used when
drilling in the U.
S.
Gulf of Mexico.
In addition, the Department of Commerce provided Chevron with a tariff exemption
for 80 tons of corrosion-resistant stainless steel pipe.
It is reported that these tariff exemptions will last for a year and are unique
to both companies.
According to Argus, the Commerce Department has been working on a backlog of more than 20,000 steel tariff exemption requests
.
Since the issuance of exemption decisions began June 21, the agency has processed a total of 280 requests
.
In addition, the Commercial Section separately rejected Shell's request for exemptions for an additional 1,630 tons of steel products and Chevron's exemption requests
for 309 tons of steel pipe.
The agency said the application was incomplete but could be resubmitted
.
As of press time, Shell and Chevron did not immediately respond and comment
.
According to the latest announcement from the U.
S.
Department of Commerce, Shell and Chevron are the first oil and gas industry participants to receive a 25% import tax exemption on steel imposed by President Trump, after the administration agreed to import special steel
that is not made in the United States.
The U.
S.
Commerce Department approved tariff exemptions for 2,760 tons of steel casing and production tubing, which Shell said will be used when
drilling in the U.
S.
Gulf of Mexico.
In addition, the Department of Commerce provided Chevron with a tariff exemption
for 80 tons of corrosion-resistant stainless steel pipe.
It is reported that these tariff exemptions will last for a year and are unique
to both companies.
According to Argus, the Commerce Department has been working on a backlog of more than 20,000 steel tariff exemption requests
.
Since the issuance of exemption decisions began June 21, the agency has processed a total of 280 requests
.
In addition, the Commercial Section separately rejected Shell's request for exemptions for an additional 1,630 tons of steel products and Chevron's exemption requests
for 309 tons of steel pipe.
The agency said the application was incomplete but could be resubmitted
.
As of press time, Shell and Chevron did not immediately respond and comment
.
