SINOPEC KANTONS: Rizhao Shihua has been listed on the SDN list by OFAC
SINOPEC KANTONS announced that the U.S. Department of the Treasury's OFAC has placed its 50% stake in Rizhao Shihua on the SDN list. Rizhao Shihua primarily operates an oil terminal and is expected to contribute approximately 12% of the company's investment income for the fiscal year 2024. The company’s preliminary assessment indicates that Rizhao Shihua's inclusion on the SDN list may restrict its business, thereby affecting overall performance, but other business operations are normal
According to the Zhitong Finance APP, SINOPEC KANTONS (00934) announced that the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) has placed Rizhao Shihua Oil Terminal Co., Ltd. (Rizhao Shihua, in which the company holds a 50% stake) on the Specially Designated Nationals List (SDN List).
Rizhao Shihua primarily engages in the operation of oil terminals and related facilities. In the fiscal year 2024, the investment income from Rizhao Shihua accounted for approximately 12% of the group's profit before tax, while the group's profit before tax for the fiscal year 2024 was approximately HKD 1.287 billion. According to the company's preliminary assessment, after Rizhao Shihua was placed on the SDN list, its related business may face restrictions, which could subsequently impact the overall performance of the group.
The operations of the group's other businesses remain normal
