Fri 10 Feb 2012 14:33

Chemoil adopts tax invoicing and filing software


Bunker supplier in five-year deal with energy software firm.



Energy software company FuelQuest Inc. has announced a five-year contract with bunker supplier Chemoil Energy Limited for the company to adopt its tax invoicing and filing software.

Chemoil will use FuelQuest Zytax Determination to automate tax calculation for supply quotes and invoices, and Zytax Compliance to streamline filing of energy and fuel excise taxes. By using the products, the fuel supplier will aim to achieve greater processing accuracy, consistency, and efficiency for all of its subsidiaries.

"As we pursue our aggressive growth strategy worldwide, Chemoil in the US will use Zytax Determination to ensure that every area of our business, beginning with aviation fuel, provides accurate tax quotes and invoice amounts to our customers, which will drive operational consistency and a better quality of service," said Bhavesh Chauhan, system comptroller, Chemoil Energy Limited.

“Zytax Compliance will automate the filing of our excise taxes increasing efficiency and reducing audit risk as we scale our operations. FuelQuest is the only company to provide the tax capabilities we need across all U.S. jurisdictions," added Chauhan.

FuelQuest Zytax Determination identifies and calculates in real-time applicable volumetric taxes for energy-related transactions. Available as a Software as a Service (SaaS) offering, Zytax Determination also includes automatic updates of U.S. and international rate and rule changes, relieving companies of the burden and risk of tracking and applying them on their own.

According to FuelQuest, the software provides companies with the following benefits:

* Accurate and consistent tax determination across disparate systems, organizations, and business entities.
* Reliable fuel tax quotes and faster invoice payment.
* Greater corporate scale covering the simplest to the most complex volumetric tax scenarios, and
* Reduced audit risk and improved audit defense.

FuelQuest Zytax Compliance automates the importation of motor fuels excise tax data from back-office systems, evaluation of applicable schedules and returns, creation of signature-ready returns, and electronic filing where applicable. Also available in a SaaS model, Zytax Compliance streamlines tax processing reducing errors that can lead to fines, fees, and penalties. The software is said to provide companies with the following benefits:

* Automated, end-to-end filing from data import to electronic filing.
* Compliance with frequently changing rules, rates, and forms for all U.S. jurisdictions.
* Increased consistency and reliability of the filing process, and
* Improved reporting support for audits and amendments.

FuelQuest provides tax automation solutions for companies of all sizes across multiple industries including fuel retail, distribution, supply, and trading as well as rail, airlines, and trucking. Customers include 7-Eleven, BNSF, Canal Barge, Epic Aviation, Global Companies, Mercuria Energy Group, Murphy Oil, Northern Tier, Shell Oil, Sinclair Oil, United Airlines.

"Chemoil is clearly a worldwide leader in marine and aviation fuel supply, and we are pleased to provide them with tax solutions that will allow them to scale their operations and provide a better service to their customers," said Phil Fraher, COO and CFO of FuelQuest. "Whether determining a specific tax liability or complying with government filing requirements, the accuracy and reliability that FuelQuest tax automation provides are essential for a company that values operational consistency, reliability, and customer loyalty."


Lease agreement between Inter Terminals Sweden and the Port of Gothenburg, signed on July 1st. Pictured: Göran Eriksson, CEO of the Port of Gothenburg (left) and Johan Zettergren, Managing Director of Inter Terminals Sweden (right). New Gothenburg lease an opportunity to expand green portfolio: Inter Terminals  

Bunker terminal operator eyes tank conversion and construction projects for renewable products.

Map of US Gulf. Peninsula extends US Gulf operation offshore  

Supplier to focus on Galveston Offshore Lightering Area (GOLA) in strategy to serve growing client base.

The M/T Jutlandia Swan, operated by Uni-Tankers. Uni-Tankers vessel gets wind-assisted propulsion  

Fourth tanker sails with VentoFoil units as manufacturer says suction wing technology is gaining traction.

Port of Gothenburg Energy Port. Swedish biomethane bunkered in Gothenburg  

Test delivery performed by St1 and St1 Biokraft, who aim to become large-scale suppliers.

Image from Cockett Marine Oil presentation. Cockett to be closed down after 45 years  

End of an era as shareholders make decision based on 'non-core nature' of Cockett's business.

Petrobras logo. Petrobras confirms prompt availability of VLS B24 at Rio Grande  

Lead time for barge deliveries currently five days.

Opening of the IMO Marine Environment Protection Committee (MEPC), 83rd Session, April 7, 2025. IMO approves pricing mechanism based on GHG intensity thresholds  

Charges to be levied on ships that do not meet yearly GHG fuel intensity reduction targets.

Preemraff Göteborg, Preem's wholly owned refinery in Gothenburg, Sweden. VARO Energy expands renewable portfolio with Preem acquisition  

All-cash transaction expected to complete in the latter half of 2025.

Pictured: Biofuel is supplied to NYK Line's Noshiro Maru. The vessel tested biofuel for Tohoku Electric Power in a landmark first for Japan. NYK trials biofuel in milestone coal carrier test  

Vessel is used to test biofuel for domestic utility company.

Pictured (from left): H-Line Shipping CEO Seo Myungdeuk and HJSC CEO Yoo Sang-cheol at the contract signing ceremony for the construction of an 18,000-cbm LNG bunkering vessel. H-Line Shipping orders LNG bunkering vessel  

Vessel with 18,000-cbm capacity to run on both LNG and MDO.


↑  Back to Top


 Recommended