US-sanctioned ‘teapot’ refiner Hengli leads China petrochem profit spike

Higher prices due to global conflicts buoy bottom lines, including at key tech suppliers Sacks of polyester-making chemicals wait to be shipped from Hengli Petrochemical's refining complex on China's Changxing Island. © Reuters TOKYO — Hengli Petrochemical, a Shanghai-listed parent of a Chinese "teapot" oil refinery sanctioned by the U.S. for alleged dealings with Iran, said its profit more than doubled in the first half of the year, leading a chain of bright preliminary earnings reports from peers in the sector.

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