Hengli Petrochemical Denies Trade with Iran
The Chinese refiner stated on Sunday that it has never engaged in trade with Iran and its crude supplies are unaffected. The firm plans to contest the US move.
HENGLI PETROCHEMICAL CO L-A, one of the largest independent refiners in China, has formally denied engaging in trade activities with Iran. This statement follows recent actions by the United States to impose sanctions on one of the company's subsidiaries, Hengli Petrochemical (Dalian) Refinery, over allegations involving the purchase of Iranian crude oil.
In a stock exchange filing released on Sunday, the company clarified its position regarding its supply chain and compliance with international regulations. The firm maintained that its procurement processes are insulated from sanctioned origins.
