OIL & GAS

Indian buyer of Venezuelan oil studying U.S. sanctions on Rosneft unit

India’s Reliance Industries Ltd, a key buyer of Venezuelan oil, said it was assessing the impact of the latest U.S. sanctions on Rosneft Trading SA (RTSA), the Geneva-based trading unit of Rosneft that supplies oil to the private refiner. U.S. President Donald Trump on Tuesday imposed sanctions on the trading arm of Russian oil major Rosneft, which has been the largest intermediary of Venezuelan oil, as Washington targeted Moscow over its backing of Venezuelan President Nicolas Maduro’s government.

“Reliance will continue its direct communications with the U.S. Government to ensure that Reliance’s purchases of Venezuelan oil after the RTSA sanctions are both compliant with U.S. sanctions and consistent with U.S. policies regarding Venezuelan oil sector,” the Indian refiner said in a statement.

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