Reliance Industries Ltd updates on restrictions in Crude Oil imports from Russia

Reliance Industries Limited has announced that it has noted the recent restrictions announced by the European Union, United Kingdom and the United States on crude oil imports from Russia and export of refined products to Europe. Reliance is currently assessing the implications, including the new compliance requirements. We will comply with the EU's guidelines on the import of refined products into Europe. Whenever there is any guidance from the Indian Government in this respect, as always, we will be complying fully. Reliance has consistently aligned itself with the objectives of ensuring India's energy security.

The Company remains fully committed to maintaining its longstanding and impeccable record of adherence to applicable sanctions and regulatory frameworks and will be adapting the refinery operations to meet the compliance requirements.

As is customary in the industry, supply contracts evolve to reflect changing market and regulatory conditions. Reliance will address these conditions while maintaining the relationships with its suppliers. Reliance is confident that its time-tested, diversified crude sourcing strategy will continue to ensure stability and reliability in its refinery operations for meeting the domestic and export requirements, including to Europe.

Shares of Reliance Industries Limited was last trading in BSE at Rs. 1451.45 as compared to the previous close of Rs. 1448.05. The total number of shares traded during the day was 331591 in over 13990 trades.

The stock hit an intraday high of Rs. 1459.95 and intraday low of 1441.10. The net turnover during the day was Rs. 480726361.00.

Source : Equity Bulls

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RelianceIndustries INE002A01018 OilandGas Updates Restrictions CrudeOilImports Russia