In December 2024, China’s Hengli Petrochemical acquired approximately 12 million barrels of Middle Eastern crude oil, primarily from TotalEnergies, leveraging an additional import quota of 2 million tons granted for 2024 and 2025. This strategic move includes grades like Qatari al-Shaheen, Iraqi Basrah Medium, and UAE’s Upper Zakum, scheduled for loading in December and January.

The procurement aims to mitigate risks associated with potential U.S. sanctions on Iranian oil exports, which could disrupt China’s crude supply. By diversifying sources, Hengli enhances its supply chain resilience amid geopolitical uncertainties.

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