Sinopec Kantons Says JV Rizhao Shihua Added to US Sanctions List; Shares Slip 2%
MT Newswires Live
Oct 14
Sinopec Kantons (HKG:0934) said its 50%-owned joint venture, Rizhao Shihua Crude Oil Terminal, has been added to the US Treasury's Specially Designated Nationals (SDN) list, according to a Monday Hong Kong bourse filing.
Shares of the storage and logistics firm were down over 2% in Tuesday morning trade.
Rizhao Shihua operates crude oil jetty facilities, and its contribution accounted for about 12% of the group's 2024 profit before tax, or roughly HK$1.29 billion, the filing said.
The company said the listing may restrict the venture's operations and affect group results, though other business segments remain unaffected.
Sinopec Kantons said it will monitor developments and assess potential impacts.
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