INDIAN OIL COMPANIES TO WIND DOWN BUSINESS IN VENEZUELA FEARING US SANCTIONS

Business Times in India on 28 February reported that Indian refiners Reliance Industries and Nayara Energy are reportedly 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.  Reliance operates the world’s biggest refining complex.  Nayara is part-owned by Russian oil major Rosneft.  India is one of Venezuela’s last big export destinations and accounted for about a third of Venezuela’s oil shipments in January.

https://www.businesstoday.in/sectors/energy/indian-oil-firms-to-wind-down-business-in-venezuala-fearing-us-sanctions/story/397156.html

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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