Hengli Petrochemical Singapore Unit to Cease Operations
Hengli Petrochemical plans to shut its Singapore trading arm in late May. The move follows U.S. sanctions recently imposed on the parent company over oil deals.
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Hengli Petrochemical International will cease operations in Singapore and wind down its trading activities by late May. The move follows United States sanctions imposed on its former parent unit, HENGLI PETROCHEMICAL CO L-A, in April. The closure marks a retreat from international oil markets for one of the largest private refiners in China.
