Hengli’s Ex-Singapore Arm Dismisses Staff After US Sanctions (1)

Hengli Petrochemical International Pte dismissed some Singapore-based staff, according to people with knowledge of the matter, weeks after its then-parent was slapped with US sanctions.

Some employees were let go, while others were offered roles in other entities, the people said, asking not to be identified as the information isn’t public. The Singapore trading entity — which was used to channel crude to one of China’s largest private refiners — is now at risk of being wound down, they said.

The US has stepped up efforts to clamp down on entities linked to Tehran’s oil trade, as Washington presses on ...