New Oil and Petroleum Production Activity Proposed at Puerto Rico FTZ
The Foreign-Trade Zones Board is inviting comments through Oct. 15 on an additional proposed production activity within Puma Energy Caribe LLC’s facility within subzone 7F in Bayamon, Puerto Rico. Puma Energy already has authority to conduct certain standard refinery operations involving crude oil and petroleum product within this subzone and its request would add the blending of biodiesel to the scope of authority.
Production under FTZ procedures could exempt Puma Energy from customs duty payments on the foreign status component used in export production. On its domestic sales, Puma Energy would be able to choose the duty rates that apply to renewable diesel blends for the foreign status inputs. Customs duties also could possibly be deferred or reduced on foreign status production equipment.