China warns US over sanctions ‘misuse’ after oil refiner Hengli hit
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Shares plunge as teapot refinery accused of enabling Iran’s military by buying its crude
China’s Hengli Petrochemical operates a so-called “teapot” refinery on Changxing island in Dalian, Liaoning province. The U.S. Department of Treasury believes the plant is a major refiner of Iranian crude oil. © Reuters
TOKYO — The Shanghai-listed shares of Hengli Petrochemical nose-dived on Monday after the U.S. sanctioned its refinery unit over alleged dealings with Iran — drawing criticism from Beijing less than three weeks ahead of a planned superpower summit.
