US-Sanctioned Chinese Refiner Hengli Restructures Singapore Unit

China’s Hengli Group Co. has changed the ownership structure of its Singapore-based oil trading arm after the US sanctioned its refining unit, according to people with knowledge of the matter.

The change means the Singapore entity, Hengli Petrochemical International Pte, is now only 5% owned by Hengli Petrochemical (Dalian) Refinery Co., which was sanctioned by the US Treasury Department’s Office of Foreign Assets Control on Friday over alleged links to Iran, the people said, asking not to be named due to the sensitivity of the matter.