Hengli shifts ownership of Singapore trading arm in wake of US sanctions
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by Admin
China’s Hengli Group has reorganised the shareholding structure of its Singapore-based trading arm shortly after the United States imposed sanctions on its refinery unit, according to Reuters on Tuesday (28 April).
On 24 April, US Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned China-based independent teapot refinery Hengli Petrochemical (Dalian) Refinery Co Ltd, a unit of Hengli Petrochemical, saying it purchased billions of dollars’ worth of Iranian oil.
“Hengli Petrochemical (Dalian) Refinery Co Ltd, China’s second-largest teapot refinery, has emerged as one of Tehran’s most valued customers, purchasing billions of dollars’ worth of its oil products,” OFAC said at the time.
Citing sources, the report said the company shifted most of the ownership of Hengli Petrochemical International to Dalian Changxing International Trade, a firm backed by a local Chinese government entity.
The Singapore unit is now 95% owned by this new shareholder, while Hengli Petrochemical’s Dalian refinery retains a 5% stake. Previously, the refinery had full ownership of the Singapore entity.
It was reported that Hengli Petrochemical denied it has engaged in any trade with Iran.
Photo credit: Manifold Times
Published: 29 April, 2026
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