Chinese refiner Hengli denies Iran ties after US sanctions hit shares

Shares in Hengli Petrochemical fell by 10 percent after the United States imposed sanctions over alleged purchases of oil from Iran, Reuters reported.

The US Treasury said the company is among Iran’s largest customers for crude and petroleum products. The company denied any dealings with Iran.

Meanwhile, China criticised the sanctions as “illegal” and accused Washington of politicising trade and using economic measures to target Chinese firms.