U.S. sanctions on Hengli Petrochemical trigger limited market reaction

Hengli Petrochemical (Dalian) was blacklisted by the U.S. Treasury on April 24 over alleged Iranian oil dealings, but the company denied the allegation on April 26, stating its operations remain normal with little impact on benzene and styrene markets.

Hengli Petrochemical (Dalian) Refinery, a major Chinese private refining firm, was added to the U.S. Treasury's SDN list on April 24 over alleged Iranian oil purchases. The company has denied any ties with Iran on April 26, saying operations remained normal and the impact on benzene and styrene markets