Hengli Petrochemical, sanctioned by the US over Iranian oil purchases, is negotiating crude supplies from non-Iranian Middle Eastern and West African sources.
Hengli Petrochemical, a major Chinese independent refiner, is in talks to secure crude oil from Middle Eastern and West African producers. The move follows US sanctions imposed in April for allegedly purchasing Iranian oil, disrupting its supply chain.
The Dalian-based refiner processes 400,000 barrels per day, making it one of China’s largest independent facilities. Prior to sanctions, Hengli relied heavily on Iranian crude, which now faces restrictions under US enforcement.
Trade sources indicate the company is diversifying suppliers to maintain operations, though no immediate market reaction was reported.