Hengli Petrochemical Denies Iran Trade Allegations
Hengli Petrochemical, a leading Chinese refiner, refuted claims of trading with Iran after U.S. sanctions targeted its subsidiary for alleged oil purchases. The company clarified its compliance with sanctions and assured sufficient crude oil supplies. Hengli aims to challenge the sanctions, citing a lack of evidence or legal basis.
- Country:
- China
Hengli Petrochemical, one of China's top independent refiners, has categorically denied any trade interactions with Iran, following U.S. sanctions imposed on one of its subsidiaries accused of purchasing Iranian oil.
The firm stated in a stock exchange filing on Sunday that it has "never engaged in any trade with Iran," and emphasized that all its crude oil suppliers ensured the oil's origin did not violate U.S. sanctions.
Hengli assured stakeholders of having adequate crude oil inventories to meet its demands for over three months, asserting that its operations remain unaffected. The company criticized the U.S. sanctions as lacking factual and legal foundation and vowed to pursue the removal of these constraints.
(With inputs from agencies.)
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