Reliance Industries Ltd, owner of the world’s biggest refining complex, has halted imports of Iranian crude ahead of US sanctions against Tehran’s oil sector, its joint chief financial officer said.
The United States plans to impose new sanctions on Iran’s oil sector from Nov. 4 in a bid to curb Iranian involvement in conflicts in Syria and Iraq and bring Tehran to the negotiating table over its ballistic missile programme.
V. Srikanth said Reliance has boosted purchases from other Middle Eastern suppliers and the United States to make up for the loss of Iranian barrels and reduced intake of Venezuelan oil.
Venezuela’s oil production is at a 60-year low after years of underinvestment. Read more
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