The latest U.S. sanctions on Iranian petroleum exports deal a blow to Chinese refining giant Sinopec by targeting a terminal through which the state major handles one-fifth of its crude oil imports,
The latest U.S. sanctions on Iranian petroleum exports deal a blow to Chinese refining giant Sinopec by targeting a terminal through which the state major handles one-fifth of its crude oil imports, industry executives and analysts said.
The sanctions announced on Thursday further complicate U.S.-China relations, coming ahead of planned talks between Presidents Donald Trump and Xi Jinping later this month.
The move follows China's decision to tighten controls on rare earth exports and reflects Washington's continued efforts to restrict Iran’s oil trade with its largest customer.
Rizhao Shihua Crude Oil Terminal Co. Ltd, half-owned by a Sinopec logistics unit, was among the entities listed by the U.S. Treasury in a round of sanctions that also includes ships transporting Iranian crude oil and liquefied petroleum gas, as well as an independent Chinese refinery.
Rizhao Shihua terminal, in the Shandong province city of Lanshan, was designated for receiving Iranian oil on board sanctioned vessels, the U.S. said.
KEY CRUDE HUB UNDER SCRUTINY
The terminal, which runs three berths that can service VLCCs, very large crude carriers, is 50%-owned by Sinopec Kantons Holding, a Sinopec-controlled logistics operator, while the remainder is held by local-government-backed Shandong Port Group's Rizhao Port, according
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