US Sanctions Test China's Petrochemical Empire The recent sanctions imposed by Washington on Hengli Group have triggered a chain reaction in the world of petrochemicals.
At its core is a power struggle between the US and China, two nations increasingly entwined in a delicate dance of diplomacy and economic coercion.
Hengli's transformation from a bankrupt textile mill to one of China's largest private oil refiners is a testament to its founder's entrepreneurial spirit and Beijing's support.