China's Hengli Petrochemical denies trade with Iran in response to US sanctions

SEATTLE (Oil Monster): Hengli Petrochemical, one of China's largest independent refiners, ​denied trade dealings with Iran ‌after the United States imposed sanctions on one of its subsidiaries for ​allegedly buying Iranian oil.

Hengli "has ​never engaged in any trade with ⁠Iran," and all its ​crude oil suppliers "guaranteed that the origins ​of the crude oil supplied do not fall within the scope of ​U.S. sanctions," the company said ​in a stock exchange filing on Sunday.

The ‌company ⁠has sufficient crude oil inventories to meet processing needs for more than three months, and ​its ​crude oil ⁠procurement activities have not been affected in any ​way, it said.

The U.S. ​sanctions ⁠on Hengli Petrochemical (Dalian) Refinery lack factual and legal basis, Hengli ⁠said, ​pledging to strive ​to lift relevant restrictions.

Courtesy: www.reuters.com