Reliance Industries on Wednesday said it has stopped all oil exports
"Since the US government imposed sanctions on the Government of Venezuela in late January 2019, Reliance Industries Ltd has been in close contact with representatives from China electromagnetic flowmeter the US State Department to ensure full compliance," a company spokesperson said."Our US subsidiary has completely stopped all business with Venezuelas state-owned oil company, PdVSA, and its global parent has not increased crude purchases," the spokesperson said.Industry sources said Reliance had a contract to buy some 3 million barrels of crude oil from Venezuela a month, which has been reduced to about 2 million barrels already. US Secretary of State Mike Pompeo had on Monday hoped that India will not be the "economic lifeline" to the "authoritarian" regime of Venezuelan President Nicolas Maduro by purchasing oil from the Latin American country.
These restrictions come into force on March 29 after an eight week winding down period for contracts that were already in effect.Oil from the Orinoco needs to be diluted with lighter grades to reduce its visغير مجاز مي باشدity so as to allow its flow through pipelines to the coast for export or processing.Reliance, whose twin refineries at Jamnagar in Gujarat were a major importer of Venezuelan crude oil, has reduced purchases by about a third.Reliance Industries on Wednesday said it has stopped all oil exports to US sanction-hit Venezuela and will not resume sales until sanctions are lifted.Reliance has investments in US shale gas projects and trades fuel in North America.
The US has slapped sweeping sanctions on PDVSA with a view to curb Venezuelas crude exports and put pressure on socialist President Maduro to step down.. Venezuelas state-owned oil company, PDVSA, has been placed on the US Treasury Departments Specially Designated Nationals list, which generally prohibits American citizens from dealing with named firms or individuals."In addition, since sanctions were imposed and contrary to some news reports, Reliance has halted all supply of diluent to PdVSA and will not resume such sales until sanctions are lifted.Austrian chipmaker AMS AG has agreed a joint venture for its environmental sensor business with private equity fund Wise Road Capital, effectively offloading the unit as part of its plan to focus on other business segments.26 Swiss francs, while the European tech index was flat.Asked how many employees were affected, he said "more like 100 than 1,000".
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