MUMBAI: Reliance Industries said that it has stopped shipments of diluent naphtha to Venezuela, and has reduced its purchases of Venezuelan crude oil to less than its contracted levels, in compliance with US sanctions on the South American country, the Mukesh Ambani-led company said in a statement late Friday.
The company denied reports that it was sidestepping on the sanctions by selling fuels to Venezuela from India and Europe.
“Reliance’s few transportation fuel shipments to Venezuela, treated as offsets for crude oil receipts, were committed and in-transit when there were no specific restrictions to such transactions. They were all fuels refined in India,” the company said.
