RIL, Nayara to gain from European Union gas crisis

The ongoing energy crisis in Europe is expected to benefit Reliance Industries and Nayara Energy as these are among the Asian refiners that produce winter-specification diesel for the European Union, according to a report.

State-owned oil companies are not into exports and that gives an advantage to Reliance — the largest importer of Russian crude and also the largest exporter of diesel from the country — and Russia’s Rosneft-owned Nayara.

The energy crisis will only get further aggravated as from next month Opec’s 2-million barrel per day production cut comes into force, and from February 5 the ban on Russian imports of refined products comes into force, say oil analysts at LSG group’s market data provider Refinitiv.