Chinese refiner Hengli, sanctioned by US, restructures Singapore unit, sources say
Hengli Petrochemical's new refining, petrochemical complex is seen at Changxing island in Dalian, Liaoning province, China on July 16, 2018.
PHOTO: Reuters file
SINGAPORE — China's Hengli Group, whose Chinese refinery arm was sanctioned by the US on Friday (April 24), has adjusted the shareholding structure of its Singapore-based trading arm, sources familiar with the matter said.
Hengli Petrochemical International Pte Ltd is now 95 per cent-owned by Dalian Changxing International Trade Co Ltd, with Hengli Petrochemical (Dalian) Refinery holding five per cent stake, the sources said, citing a shareholding document they received from the firm.
Previously, the Singapore unit was fully owned by Hengli Petrochemical (Dalian) Refinery. Dalian Changxing International Trade is owned by a local Chinese government entity, according to Chinese corporate information database Qichacha.
A Hengli spokesperson did not immediately respond to a request for comment.
On Friday, the US Treasury announced sanctions on Hengli Petrochemical (Dalian) Refinery, a unit of Hengli Petrochemical, for buying billions of dollars worth of Iranian oil.
Shanghai-listed Hengli Petrochemical denied trade dealings with Iran.
The private refiner, which operates a 400,000 barrel per day integrated crude-to-chemicals site in the northeastern city of Dalian, exported on average at least 50,000 metric tons per month of petrochemicals last year, Kpler shiptracking data showed.
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