多番制裁之下，我国被制裁化工企业的生存现状究竟如何？

How Have China's Sanctioned Chemical Enterprises Fared Amid Multiple Rounds of Sanctions?

今年以来，国内化工企业遭遇多轮精准制裁，既有因采购伊朗石油而被针对的山东地方炼厂，也有因甲醇贸易被列入美国OFAC制裁名单的15家中国实体。制裁落地之后，这些企业的发展境况引发广泛关注。

Since the start of this year, domestic chemical enterprises have been hit by multiple rounds of targeted sanctions. These include Shandong's local refineries penalized for purchasing Iranian oil, as well as 15 Chinese entities placed on the U.S. OFAC sanctions list over methanol trade. The post-sanction development prospects of these enterprises have attracted widespread attention.

据彭博社数据显示，当前海上滞留的伊朗原油规模高达5200万桶，创下2023年5月以来的最高纪录。这一现象的出现，很大程度上源于中国买家——尤其是山东民营“茶壶炼厂”的采购节奏显著放缓。究其原因，主要有两点：一是临近年底，不少炼厂的原油进口配额已所剩无几，即便有采购意愿，也陷入有心无力的困境；二是美国对我国关键港口实施制裁，导致油轮即便抵达港口，也面临卸货受阻的难题，只能在海上长时间滞留等待，或是绕行远路寻找其他卸货口岸。这不仅大幅推高了贸易风险与物流成本，也迫使部分炼厂不得不暂停相关采购。

According to data from Bloomberg, the volume of Iranian crude oil stranded at sea has reached a staggering 52 million barrels, hitting a record high since May 2023. This phenomenon is largely attributable to the marked slowdown in procurement by Chinese buyers—especially Shandong's private "teapot refineries". Two key factors are behind this trend: first, with the year drawing to a close, many refineries have nearly exhausted their crude oil import quotas, leaving them eager but unable to make further purchases; second, U.S. sanctions on China's key ports have resulted in oil tankers facing unloading bottlenecks even after reaching their destinations. These vessels have no choice but to either linger at sea for extended periods waiting for clearance or divert to alternative ports via longer routes. This has not only significantly driven up trade risks and logistics costs but also forced some refineries to suspend related procurement activities.

面对制裁压力，相关企业并未坐以待毙，而是纷纷探寻突围路径。例如，某炼厂计划斥资数十亿美元向化工领域转型；还有部分企业借助未被制裁的关联主体，继续进口伊朗原油以维持正常运营。可以说，面对困境，各家企业可谓八仙过海，各显神通。

Faced with the pressure of sanctions, the affected enterprises have refused to sit idly by, instead scrambling to explore various avenues for survival and growth. For instance, one refinery has announced plans to invest billions of U.S. dollars in transitioning to the chemical sector. Meanwhile, some enterprises have leveraged non-sanctioned affiliated entities to continue importing Iranian crude oil, ensuring the normal operation of their core production lines. It is fair to say that in the face of adversity, each enterprise has demonstrated its own ingenuity and resourcefulness.

值得一提的是，制裁之下并非全然是消极影响。以甲醇领域为例，在15家中国实体于今年10月9日被列入制裁名单后，国内甲醇月均进口量达到35.9万吨，反超上半年29.52万吨的月均水平。进口量不降反增的表现，足以印证我国相关产业链具备强劲的韧性。

Notably, sanctions have not brought nothing but negative impacts. Take the methanol sector as an example: following the inclusion of 15 Chinese entities on the sanctions list on October 9 this year, China's monthly average methanol imports reached 359,000 tons, surpassing the 295,200-ton monthly average recorded in the first half of the year. This counterintuitive growth in import volumes fully testifies to the strong resilience of China's relevant industrial chains.

综合来看，今年针对我国化工企业的制裁，均精准击中供应链的关键节点。这带来的不仅是眼前的采购困境与价格波动，更深远的意义在于倒逼全产业链重新审视自身的脆弱性，考验着每家相关企业的应变能力，以及整个行业的抗风险韧性。如何在制裁风浪中找到新的发展平衡点，既是我国化工行业需要共同面对的课题，更将深刻影响未来中国化工行业的整体格局。

Overall, the sanctions imposed on China's chemical enterprises this year have all precisely targeted key nodes in the supply chain. Beyond creating immediate procurement difficulties and price fluctuations, these sanctions carry a more far-reaching significance: they are forcing the entire industrial chain to re-examine its vulnerabilities, while testing the adaptability of individual enterprises and the overall risk resilience of the sector as a whole. How to strike a new balance for development amid the storm of sanctions is a common challenge that China's chemical industry must address, and it will also profoundly shape the future landscape of China's chemical sector.

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