US refiner Valero says tax credit overhaul, registration hurdles have slowed biofuel imports
VLO•Valero says imports are slowing under new credit rules
NEW YORK, July 30 (Reuters) - U.S. biofuel imports are not rising quickly enough to help the industry comply with the Environmental Protection Agency's renewable fuel blending mandates, as imports no longer benefit from key U.S. tax incentives, a Valero Energy executive said on Thursday.
Many foreign producers are not registered to generate compliance credits, which is also stifling imports, executives at the U.S. refining company said.
The EPA finalized record bio-based diesel requirements this year under the Renewable Fuel Standard, mandating refiners and fuel importers to blend more biofuel into the nation's fuel supply or purchase Renewable Identification Number credits to meet their obligations.
