Reliance Industries halts exports to Venezuela on US norms: Media report

The company said on Wednesday said it has stopped all oil exports to US sanction-hit Venezuela and will not resume sales until sanctions are lifted, according to the media reports.

Mar 14, 2019 05:03 IST India Infoline News Service

Reliance Industries
Shares of Reliance Industries gained in today's  morning trade on the BSE. The company said on Wednesday, that it has stopped all oil exports to US sanction-hit Venezuela and will not resume sales until sanctions are lifted, according to the media reports. The company’s twin refineries at Jamnagar in Gujarat were a major importer of Venezuelan crude oil, which has reduced purchases by about a third.

It has investments in US shale gas projects and trades fuel in North America, the report added.

Reliance has significant exposure to the financial system of the United States, where it operates some subsidiaries that are linked to its oil and telecom businesses among others.

Further, the report added that Washington is preparing to impose "very significant" Venezuela-related sanctions against financial institutions in the coming days, US special envoy Elliott Abrams said on Tuesday.

Reliance Industries Ltd is currently trading at Rs1,357.60, up by Rs10.85 or 0.81% from its previous closing of Rs1,346.75 on the BSE. The scrip opened at Rs1,350 and has touched a high and low of Rs1,361.45 and Rs1,345.75 respectively.

The BSE group 'A' stock of face value Rs10 has touched a 52-week high of Rs1,350 on March 13, 2019 and a 52-week low of Rs881 on March 28,2018. Last one week high and low of the scrip stood at Rs1,350 and Rs1,258.90 respectively.

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