Chinese Conglomerate Hengli Group Implicated in Iranian Oil Sanctions Evasion

Hengli Group, a Chinese conglomerate with over $100 billion in annual revenue and more than 300,000 employees, is a primary importer of Iranian crude oil, according to US Treasury officials.

The company's 'teapot' refineries in China have been purchasing sanctioned oil since 2023, with at least five million barrels received from multiple ships under US sanctions.

Hengli's refinery business was subsequently sanctioned by the US Treasury earlier this year, but China's Commerce Ministry instructed companies not to comply. The Foreign Ministry described the sanctions as 'illegal and unreasonable unilateral sanctions.'