Asia’s Top Refiner Hit Hard By Iran Sanctions

The largest oil refiner in Asia and in China, Sinopec, is considering cutting refinery run rates as of November as soaring freight rates have eaten away at refining margins, people familiar with the plans told Bloomberg on Tuesday. The global shipping industry has seen freight rates soar over the past few weeks as traders and shippers stay away from booking oil tankers owned by Chinese tanker companies that fell prey to U.S. sanctions for dealing with oil from Iran. At the end of September, the U.S. imposed sanctions on several Chinese tanker owners…