China: U.S. Sanctions Chinese 'Teapot' Oil Refiner Over Iran for First Time

The U.S. Treasury Department's Office of Foreign Assets Control sanctioned Shandong Shouguang Luqing Petrochemical Co., Ltd. (Luqing Petrochemical), a small Chinese "teapot" oil refinery in Shandong that operates independently of the Chinese state, and its CEO over buying and refining "hundreds of millions of dollars" worth of Iranian oil, OFAC said in a March 20 press release. ...