On Thursday, President Donald Trump signed an executive order barring any US investment in three Chinese refiners: Sinochem, ChemChina, and Norinco. According to the Pentagon, these three refiners are tied to the Chinese military. The executive order gives a January 11 deadline to end any direct and indirect transaction with the three firms and 28 other Chinese energy, infrastructure, and technology companies.
Sinochem operates the 240,000 bpd Quanzhou refinery in China and holds a 40% stake in the Wolfcamp shale development in Texas operated by Pioneer Natural Resources. ChemChina runs three refineries in Shandong, Zhenghe, Huaxing, and Changyi with a total refining capacity of 300,000 bpd. Meanwhile, Norinco operates the 120,000 bpd Huajin refinery. It also trades crude via its Zhenhua subsidiary.
