US Treasury imposed sanctions on a unit of Hengli Petrochemical and 40 shipping firms for buying billions of dollars of Iranian petroleum.
Iranian oil made up about 12% of China’s 2025 oil imports, roughly 1.4 million barrels per day, largely via Shandong “teapot” refiners.
United Against Nuclear Iran identified nearly 600 vessels transporting Iranian crude, up from 70 in 2020, using “dark fleet” tactics.
Hengli’s revenue reportedly tripled since 2018 to about $30 billion last year, underscoring the financial scale of the trade.