Chinese Independent Refineries Prepare for Possible US Iran-Oil Sanctions
Chinese independent oil refineries are preparing for possible US sanctions tied to Iranian oil-related business by setting up new entities and opening separate bank accounts, according to industry sources. The steps are aimed at getting around any measures that may be imposed on refiners and oil logistics facilities that have handled Iranian oil.
The preparations follow US sanctions on Hengli Petrochemical (Dalian) Refinery, China’s second-largest independent refinery, and Qingdao Haiye Oil Terminals. Industry sources said independent refiners of all sizes and oil logistics facilities face elevated risk amid the Iran conflict and ahead of a China-US summit.
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@staunovoMore Chinese independent oil refineries are preparing for potential US sanctions over their involvement in Iranian oil-related business, setting up new entities and registering separate bank accounts to get around any measures that are impo