The price of oil will rise if trade in Iranian crude is halted as a result of US sanctions, China Petroleum and Chemical (Sinopec), the world’s largest oil refiner said on Monday. The company has refineries especially designed to process oil from Iran, the world’s fifth-largest producer.
China Petroleum & Chemical Corporation, or Sinopec Ltd, is a Beijing-based oil and gas company which is listed in Hong Kong, Shanghai and New York (NYSE: SNP). It is one of the world’s biggest companies by revenue. Sinopec Ltd’s parent, Sinopec Group is one of China’s biggest petroleum groups.