GreenergyDaily

Apr. 27, 2026

Hengli Petrochemical, a major independent refiner in China, said it has no business ties with Iran after the United States sanctioned one of its subsidiaries over alleged purchases of Iranian crude oil.

The U.S. Treasury Department's Office of Foreign Assets Control said on Friday that it had blacklisted Hengli Petrochemical (Dalian) Refinery Co., citing its purchases from Iran.

"Hengli is one of Iran’s largest customers for crude oil and other petroleum products" and has made purchases worth billions of dollars, OFAC said in a statement.

The company denied it had any dealings with Iran in a statement on Sunday and said it would push to ⁠have them lifted.

Asked about the decision at a regular press conference on Monday, China's Ministry of Foreign Affairs called for the U.S. to stop misusing sanctions and said it would protect the rights of Chinese companies.

Hengli Petrochemical on Sunday said its refinery and petrochemical facilities were operating normally, having secured crude oil that can last more than three months of processing.

Hengli fell by the 10% daily limit in Shanghai on Monday.