This is an outcome of the Xi-Trump Summit
— Z Riboua (@zriboua) September 14, 2026
I wrote in May the following:
"Days before the summit, the U.S. Treasury sanctioned Hengli Petrochemical, one of China’s largest petrochemical refineries and a known processor of Iranian crude subject to sanctions. The interesting… https://t.co/Ix64BduJcN
"Days before the summit, the U.S. Treasury sanctioned Hengli Petrochemical, one of China’s largest petrochemical refineries and a known processor of Iranian crude subject to sanctions. The interesting part is that Beijing had been enabling Iranian crude exports while simultaneously trying to shield its own companies from U.S. designation, a dual position that Xi’s pre-summit order prohibiting Chinese firms from complying with U.S. sanctions could not sustain once Washington refused to ease the pressure.
This is why Trump’s offer of US energy to China during the summit carries immense consequences.
China has always sought the cheapest available energy to fuel its industrial base, and Iranian crude, heavily discounted under sanctions, served that purpose for years. Cheap U.S. energy offers Beijing an alternative that does not come with Gulf relationships to manage or Chinese companies to protect from U.S. sanctions."
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