Info:
Zhuhai Zhenrong Company is a state-owned oil trading company. The Company primarily engages in international oil trading. Other businesses include agency and principal trading of import and export of a broad range of products;
Zhuhai Zhenrong Company Limited knowingly engaged in a significant transaction for the purchase or acquisition of crude oil from Iran. The transaction in question took place after the expiration of China’s Significant Reduction Exception (SRE) on May 2, 2019, and was not covered by that SRE. Among other things, the imposition of these sanctions blocks all property and interests in property of Zhuhai Zhenrong Company Limited that are in the United States or within the possession or control of a U.S. person, and provides that such property and interests in property may not be transferred, paid, exported, withdrawn, or otherwise dealt in;
Additionally, the United States is imposing several restrictions as well as a ban on entry into the United States on Youmin Li, a corporate officer and principal executive officer of Zhuhai Zhenrong Company Limited. To implement my action today, the Department of the Treasury is adding Zhuhai Zhenrong Company Limited and Youmin Li to its List of Specially Designated Nationals and Blocked Persons;
In May 2018, when the Trump administration re-imposed unilateral sanctions against Iran after the complete withdrawal from the JCPOA, China started to shift its petroleum cargo to ships owned by the NITC to maintain or even increase imports from Iran. It was not immediately clear, which entities would provide insurance for those shipments worth $1.5 billion a month. Zhuhai Zhenrong Corp. and Sinopec Group have activated a business clause in their long term supply agreement with NIOC, and likely Iran will cover all the costs and risks, including insurance, for the delivery of the crude;
“State refiner Sinopec Corp and state-run oil trader Zhuhai Zhenrong Corp, the two biggest Chinese lifters of Iran’s oil, are set to roll over annual supply agreements with National Iranian Oil Co (NIOC), with combined volumes of about 505,000 bpd, two sources with knowledge of the agreements said. Additionally, China National Petroleum Corp (CNPC) and Sinopec expect to lift more oil this year from two oilfields they operate under service contracts, the sources said.” (Reuters, “China’s Iran oil imports to hit record on new production: sources,” 1/5/2017);
Also Known As:
Zhuhai Zhenrong Co
Zhuhai Zhenrong Company
Zhuhai Zhenrong Company Limited
Country:
China
Address:
121, DaTunli Chaoyang District, Beijing, 100108 China
Phone:
8610-52025900
Website:
www.zhzrgs.com.cn
E-mail:
info@zhzrgs.com.cn
Person of Interests:
Youmin Li