US Imposes Sanctions on Chinese Oil Refinery for Buying Iranian Oil

Washington: The Trump administration has imposed sanctions on a major Chinese oil refinery for buying billions of dollars worth of Iranian oil. The move comes just weeks before President Donald Trump meets with his Chinese counterpart Xi Jinping in China. The move is part of a broader White House campaign aimed at completely cutting off Iran's main source of revenue: its oil exports. The US Treasury Department said it has targeted the Hengli petrochemical refinery, calling it one of Iran's largest customers for crude oil and petroleum products. The department has also imposed sanctions on about 40 shipping companies and vessels that serve as Iran's shadow fleet. Shadow fleets are fleets that operate for a country but do not fly its flag. These shadow fleets operate to evade sanctions. The sanctions come just weeks before President Donald Trump meets with his Chinese counterpart Xi Jinping. The refinery targeted by the US, Hengli Petrochemical, is located in the city of Hengli, making it the largest US oil processing facility in China, with a capacity of about 400,000 barrels per day.