According to the term 5 of the Announcement [2015] No. 40 of the 

General Administration of Customs:

Customs shall determine the dutiable value of bonded crude oil 

for futures contracts based on:

(1) the sum of (a) the bonded nal settlement price for bonded 

crude oil as determined by the Shanghai International Energy 

Exchange, and (b) any delivery premiums or discounts if the 

bonded crude oil is to be delivered in the delivery month under a 

Bonded Standard Warrant; 

(2) the sum of (a) the settlement price for the crude oil futures 

contract in the nearest delivery month, as published by the 

Shanghai International Energy Exchange on the trading day 

immediately preceding the application date for the Exchange 

for Physicals (EFP) transaction, and (b) any delivery premiums or 

discounts, if the bonded crude oil is to be delivered subject to an 

EFP transaction under a Bonded Standard Warrant; 

(3) provisions on domestic sales of bonded goods currently in 

eect, if the bonded crude oil is either to be delivered in an EFP 

transaction under a non-standard warrant, or to be transferred 

under a Bonded Standard Warrant without being delivered against 

futures contracts in bonded areas; or

(4) the sum of (a) the settlement price for the crude oil futures 

contract in the nearest delivery month, as published by the 

Shanghai International Energy Exchange on the trading day 

immediately preceding the completion date for the load-out of 

the bonded crude oil, and (b) any delivery premiums or discounts, 

for and in relation to quantity of any overll and underll present 

during the delivery and import of the bonded crude oil.

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