India, May 10 -- Since March 2025, the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has designated five Chinese refineries-Shandong Shouguang Luqing Petrochemical Co., Ltd.; Shandong Shengxing Chemical Co., Ltd.; Hebei Xinhai Chemical Group Co., Ltd.; Shandong Jincheng Petrochemical Group; and Hengli Petrochemical (Dalian) Refinery Co., Ltd. for their alleged involvement in importing and refining Iranian crude oil. These firms were placed on the Specially Designated Nationals (SDN) List, resulting in the freezing of their U.S.-linked assets and prohibition of transactions with them. OFAC specifically sanctioned Hengli Petrochemical, China's second-largest independent refinery, on April 24, 2026, significantly ...