Purchases of Venezuelan oil halted by India’s largest private refinery, putting additional pressure on the Latin American country’s beleaguered oil industry.
Reliance Industries Ltd, which runs the biggest refinery in the world in Jamnagar and accounted for 25 percent of Venezuela’s exports last year, has no plans at the moment to make future purchases.
The last time Reliance loaded a Venezuelan oil cargo was in March and it received the cargo in May. Reliance bought 117,650 barrels a day of Venezuelan crude this year, down 46 percent compared with last year.
Nayara Energy Ltd, backed by Rosneft Oil Co PJSC, India’s second-largest private refiner, also hasn’t loaded Venezuelan crude since March. It turned to supplies from Canada, Kuwait and Ecuador to fill the gap.
