"The US Treasury Department on Friday said that it was targeting Hengli Petrochemical (Dalian) Refinery, China's second-largest teapot or independent refinery, for buying hundreds of millions of dollars worth of Iranian oil."
"Hengli is one of Tehran's most valued customers and has generated hundreds of millions of dollars in revenue for the Iranian military through crude oil purchases, the Treasury added."
"China gets more than half of its oil from the Middle East, and last year purchased more than 80 percent of Iran's shipped oil, according to analytics firm Kpler."
"US Treasury Secretary Scott Bessent pledged Friday to continue targeting the network of vessels, intermediaries, and buyers Iran relies on to move its oil to global markets."
The US Treasury has sanctioned Hengli Petrochemical, China's second-largest refinery, for purchasing Iranian oil worth hundreds of millions of dollars. This refinery is a key customer for Iran, contributing substantial revenue to its military. The US also imposed sanctions on around 40 shipping firms linked to Iran's shadow fleet. In response, the Chinese embassy criticized the US for politicizing trade and using sanctions against Chinese companies. China heavily relies on Middle Eastern oil, with a significant portion sourced from Iran, while US efforts aim to restrict Iran's oil exports.
Read at www.aljazeera.com
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