GreenergyDaily

May. 12, 2026

Hengli Petrochemical International, the former Singapore trading arm of sanctions-hit Hengli Petrochemical (Dalian) Refinery, has dismissed part of its workforce and is preparing to cease operations.

The trading entity employed about 100 people and is likely to wind down operations in late May, according to multiple media reports.

Some are to be moved ‌to ⁠other parts of the Hengli group that were not under U.S. sanctions.

The U.S. Treasury's Office of Foreign Assets Control (OFAC) sanctioned Hengli Petrochemical (Dalian) Refinery last month over alleged links to Iranian oil trade. 

Following the sanctions, Hengli reduced its holding in the Singapore unit from 100% to 5%, while Dalian Changxing International Trade became the majority shareholder.