Key facts
- Hengli Petrochemical, a large Chinese refiner, faces U.S. sanctions for alleged purchases of Iranian oil.
- The company denies buying Iranian crude and is seeking to be removed from the U.S. blacklist.
- Hengli is now exploring crude oil purchases from West Africa and non-Iranian Middle Eastern producers.
- The refiner has reportedly secured at least 2 million barrels of West African crude for June delivery.
Hengli Petrochemical, a major privately-owned Chinese refiner, is reportedly seeking non-Iranian crude oil after being sanctioned by the U.S. Treasury in April. The U.S. accused Hengli of purchasing billions of dollars worth of Iranian oil, a claim the company denies. Hengli has stated the sanctions lack factual or legal basis and is actively working to be removed from the blacklist.