Economics
The Mysterious Chinese-State Oil Trader Sanctioned by the U.S.
- Zhuhai Zhenrong was set up in the 1990s with links to the army
- Company has kept buying Iranian oil despite previous sanctions
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The Chinese state-owned oil trading company sanctioned by the White House for violating restrictions on Iranian crude keeps a low profile.
Even so, Zhuhai Zhenrong Co.’s reputation for doing business with Iran is well known. The company was set up in the mid-1990s by a legendary Chinese trader, Yang Qinglong, with support from the Chinese military. The armed forces were still receiving shipments from the Islamic Republic at the time as payment for weapons during the 1980-1988 Iran-Iraq war.