RIL, Nayara Energy plan to wind down Venezuelan oil buys in April

Indian refiners Reliance Industries and Nayara Energy are planning to wind down purchases of Venezuelan oil in April fearing future US sanctions could choke off all avenues to trade with state-run oil firm PDVSA, three sources with knowledge of the matter said.

Such a step by Reliance, which operates the world's biggest refining complex, and Nayara - part owned by Russian oil major Rosneft - would severely curtail purchases by one of Venezuela's last big export destinations. India accounted for about a third of Venezuela's.....

This article is no longer available in our repository.

There could be multiple reasons for this.