After the power sector, China's national emissions trading scheme now pulls petrochemicals into allowance allocation. A refinery is no longer accountable only for crude and products — every tonne of feedstock it processes now carries a carbon entry that can be traded.

The impact on SNSUC runs on two layers. The direct one: bonded re-exports do not clear Chinese customs (F3, supply from an offshore SPV), yet once partner refineries price their carbon cost in, their ex-works premium and the arrival price we negotiate get re-estimated. The indirect one: the Scope 3 carbon footprint on a digital warrant stops being brand narrative and becomes a hard field that reconciles with the allowance ledger.

In practice, re-export quotes should leave room for refinery carbon-cost pass-through. Beyond the grade coefficient in the listed-price formula, we suggest a separate "carbon premium" line, shown transparently to buyers and built to avoid double counting later.

Red-line reminder: SNSUC never acts as the Chinese import filer (F1); carbon-cost pass-through shows up in partner refineries' ex-works price, never on our own books.