China’s Hengli Rejects Iran Trade Links Amid US Sanctions

This statement follows the US administration's decision to blacklist one of the company's subsidiaries over allegations of purchasing Iranian crude oil. In a filing with the stock exchange, the corporation asserted that it has "never been involved in any trade with Iran" and emphasized that all its suppliers provide verified assurance that their crude oil sources are not subject to US sanctions.

Addressing concerns over operational continuity, the company stated that its current stockpiles are sufficient to meet processing demands for more than three months, ensuring that procurement activities remain unaffected. Furthermore, Hengli Petrochemical argued that the sanctions imposed on its Dalian refinery lack any substantial factual or legal basis. The company has pledged to take necessary actions to challenge these measures and seek the lifting of the sanctions to safeguard its business interests.