June 2014, Vol. 241, No. 6

Features

Managing Costs, Regulations Across International Borders

The demand for energy is high and projected to increase steadily by at least 2% per year, according to the International Energy Agency (IEA). As a result, oil and gas products are being shipped at a faster rate than ever before, increasingly making their way across international borders to meet demand. As these overseas shipments of product and equipment rapidly increase and become more sophisticated, customs regulations have been slow to keep up, causing many companies to struggle to understand them. Without a proactive approach to customs compliance, the risk of delays at the border, fines caused by improper classification or an unexpected duties increase, can threaten profits

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