Why did Hengli Petrochemical International Pte dismiss staff in Singapore?

Hengli Petrochemical International Pte dismissed some Singapore-based staff weeks after its then-parent company, Hengli Petrochemical (Dalian) Refinery Co., was blacklisted by the US Treasury Department’s Office of Foreign Assets Control over alleged links to Iran—a claim the company denied—triggering a change in ownership of the Singapore unit from the sanctioned Dalian refinery to state-linked Dalian Changxing International Trade Co. Ltd.

What happened to the ownership of Hengli Petrochemical International Pte after the US sanctions?

The Singapore unit was wholly owned by Hengli Petrochemical (Dalian) Refinery Co. until end-April, when its ownership changed following the US sanctions; afterward, state-linked Dalian Changxing International Trade Co. Ltd. became the majority owner of the Singapore entity.

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