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Latest US Sanctions on Iranian Oil Deal Blow to China’s Sinopec
A model of oil pump jack stands next to a logo of China Petroleum & Chemical Corporation, or Sinopec, at the company’s booth at the China International Fair for Trade in Services (CIFTIS) in Beijing, China, Sept. 11, 2025. Photo: REUTERS/Maxim Shemetov
The latest US sanctions on Iranian petroleum exports deal a blow to Chinese refining giant Sinopec by targeting a terminal through which the state major handles one-fifth of its crude oil imports, industry executives and analysts said.
The sanctions announced on Thursday further complicate US-China relations, coming ahead of planned talks between Presidents Donald Trump and Xi Jinping later this month.
The move follows China’s decision to tighten controls on rare earth exports and reflects Washington’s continued efforts to restrict Iran’s oil trade with its largest customer.
Rizhao Shihua Crude Oil Terminal Co. Ltd, half-owned by a Sinopec logistics unit, was among the entities listed by the US Treasury in a round of sanctions that also includes ships transporting Iranian crude oil and liquefied petroleum gas, as well as an independent Chinese refinery.
Rizhao Shihua terminal, in the Shandong province city of Lanshan, was designated for receiving Iranian oil on board sanctioned vessels, the US said.
KEY CRUDE HUB UNDER SCRUTINY
The terminal, which runs three berths that can service VLCCs, very large crude carriers, is 50 percent-owned by Sinopec Kantons Holding, a Sinopec-controlled logistics operator, while the remainder is held by local-government-backed Shandong Port Group’s Rizhao Port, according to Chinese business portal Qichacha.
The majority of crude oil passing through the terminal is handled by Sinopec, according to tanker tracker Vortexa and two industry executives familiar with the port.
Sinopec has steered clear of buying Iranian oil, traders and analysts have said.
A Sinopec spokesperson did not immediately comment.
Calls to Shandong Port Group and Rizhao Port went unanswered and Sinopec Kantons did not immediately respond to a request for comment.
The latest measures bring to five the number of sanctioned oil import terminals in the refining hub of Shandong, accounting for half of the province’s capacity to handle VLCCs that carry 2 million barrels of oil each.
VESSELS MAY SEEK ALTERNATIVE PORTS
Shandong, where independent Chinese refiners are clustered, is the largest destination for oil shipments from sanctions-hit Iran, Venezuela, and Russia.
“Compared to the previous round of sanctions on Chinese terminals, the impact could be larger,” said Samuel Kong, senior analyst at FGE, which estimates that only 10-20 percent of the oil imported at Rizhao is from sanctioned sources.
“In the near term, we could see disruptions to discharges around Rizhao, and vessels carrying non-sanctioned barrels might seek alternative ports in Shandong to unload their cargoes.”
Spot VLCC freight rates for the Mideast-China route gained 3 percent on Friday, several shipping sources said, buoyed by concerns of congestion or discharge delays resulting from sanctions.
Last year, Sinopec imported about 804,000 barrels per day via the Rizhao Shihua terminal, 20 percent of its total imports, according to Vortexa and one of the industry executives.
To avoid using the terminal, Sinopec would be forced to re-direct shipments to other facilities to supply at least two major subsidiary refineries, Sinopec Luoyang Petrochemical in Henan province and Sinopec Yangzi Petrochemical in Jiangsu province. Both plants are connected to the Rizhao terminal via pipelines, the two executives said.
These two plants have a combined crude processing capacity of 420,000 bpd. Rizhao terminal indirectly serves several smaller Sinopec refineries along the Yangtze River via pipelines, said a third industry official familiar with Sinopec‘s refining system.
As a workaround, Sinopec may ramp up imports at Ningbo or Qingdao port, or raise throughput at other nearby plants to compensate for possible production cuts at Luoyang and Yangzi, said a second executive, who is close to Sinopec.
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Some Tankers Cross Strait of Hormuz Before Shots Fired, Ship-Tracking Data Shows
A satellite image shows the ship movement at the Strait of Hormuz on April 17, 2026, in Space. EUROPEAN UNION/COPERNICUS SENTINEL-2/Handout via REUTERS
More than a dozen tankers, including three sanctioned vessels, passed through the Strait of Hormuz after a 50-day blockade was lifted on Friday, shipping data showed, before Iran reimposed restrictions on Saturday and fired at some vessels.
Reopening the strait is key for Gulf producers to resume full oil and gas supplies to the world, and end what the International Energy Agency has called the worst-ever supply disruption.
US President Donald Trump said on Friday Iran had agreed to open the strait, while Iranian officials said they wanted the US to fully lift its blockade of Iranian tankers.
Western shipping companies cautiously welcomed the announcements but said more clarity was needed, including on the presence of sea mines, before their vessels could transit.
IRAN RESUMES RESTRICTIONS
The ships that passed through the strait on Friday and Saturday via Iranian waters south of Larak island were mainly older, non-Western-owned vessels and included four sanctioned ships, according to ship-tracking data.
Iran arranged passage for a limited number of oil tankers and commercial ships following prior agreements in negotiations, a spokesperson for Iran’s Revolutionary Guards said.
Other ships have been seen approaching the strait and turning back as Iran said it would maintain strict controls as long as the US continues its blockade of Iranian ports.
The UK Navy reported on Saturday that Iranian gunboats fired at some ships attempting to cross the strait.
Some merchant vessels received radio messages from Iran’s navy saying the strait was shut again and that no ships were allowed to pass, shipping sources said on Saturday.
Ship-tracking data showed five vessels loaded with liquefied natural gas from Ras Laffan in Qatar approaching the strait on Saturday morning.
No LNG cargoes have transited the waterway since the US-Israeli war with Iran began on February 28.
Hundreds of ships have been stuck in the Gulf since the conflict started and Tehran closed the strait, forcing Gulf oil and gas producers to sharply cut production.
Top producers such as Saudi Arabia, the UAE, Iraq and Kuwait say they need steady tanker flows and unrestricted passage through the strait to resume normal export operations.
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Trump Greenlights Russian Oil to Ease Strain on Global Markets After War with Iran
US Treasury Secretary Scott Bessent in Washington, DC, US, March 27, 2026. Photo: REUTERS/Jonathan Ernst
i24 News – The Trump administration has authorized a 30-day emergency waiver allowing the maritime purchase of Russian oil, reversing a hardline stance in an effort to stabilize skyrocketing global energy prices.
The Treasury Department announced Friday that the license for crude and petroleum products will remain in effect until May 16, 2026, responding to intense pressure from international partners struggling with the fallout of the war with Iran.
This policy pivot comes as a surprise after Treasury Secretary Scott Bessent suggested earlier this week that no further exemptions would be granted:
“As negotiations with Iran accelerate, the administration seeks to ensure oil availability for those who need it most. We must prevent a total price collapse for consumers while the geopolitical situation remains volatile.”
Ensuring global oil availability is paramount for the US as over 80 energy facilities in the Middle East have been damaged by recent war with Iran. With the November midterm elections approaching, record-high fuel prices at the pump remain a primary vulnerability for the Republican party. By allowing Russian oil back into the maritime flow, the administration hopes to neutralize “pain at the pump” before voters head to the polls.
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UK: Islamist Group Claims to Attack Israeli Embassy with ‘Drones Carrying Radioactive, Carcinogenic Materials’
A UK man has been arrested for allegedly threatening a group of Jews while wielding an ax on Rosh Hashanah. Photo: Tony Webster / Wikimedia Commons.
i24 News – British police officers in protective clothing were seen investigating a “security incident” near the Israeli embassy in London on Friday, after a jihadist group put out a video showing it launching two drones allegedly carrying radioactive and carcinogenic materials toward the embassy.
“There is an increased police presence in Kensington Gardens and officers are assessing a number of discarded items. As a precaution, some of the officers who have been deployed are wearing protective clothing. We recognize this may concern local residents and the wider public,” police said in a statement.
“Counter Terrorism Policing London are aware of a video shared online overnight in which a group claims to have targeted the nearby embassy of Israel with drones carrying dangerous substances,” the statement further read. “While we can confirm that the embassy has not been attacked, we are carrying out urgent inquiries to determine the authenticity of the video and to identify any potential link between it and the items discarded in Kensington Gardens.”
The incident comes amid a steep hike in antisemitic attacks in Britain targeting Jewish and Israeli individuals and institutions.
The group that released the video was identified as Harakat Ashab al-Yamin al-Islamia, a shadowy entity with suspected ties to Iran. It has already claimed seven attacks against Jewish institutions, including an arson attack in London where four ambulances owned by the Hatzolah charity were torched.