Reliance Industries Ltd. shares will be in focus on Friday after the company denied media reports that it has purchased Iranian crude following a US sanctions waiver. "The Company categorically rejects recent media reports alleging the purchase of crude oil of Iranian origin. These claims are entirely baseless, factually incorrect, and misleading," a statement said late Thursday.
RIL is the operator of the world's largest refining complex at Jamnagar in Gujarat. The petroleum and chemicals business is a major contributor to earnings.
News agency Reuters reported on Tuesday the company has purchased 5 million barrels of Iranian crude, days after the US temporarily removed sanctions on the oil. The Indian refiner bought the oil from the National Iranian Oil Co., sources told the publication.
"We urge media outlets to verify facts thoroughly before publication and to refrain from disseminating unsubstantiated reports that can misinform stakeholders and the public," RIL said.
The Trump administration last week issued a 30-day sanctions waiver for the purchase of Iranian oil already at sea, in its latest effort to ease supply and cool prices that have surged after the Iran war. The waiver applies to oil loaded on any vessel, including tankers under sanctions, on or before March 20 and discharged by April 19. This is the third such waiver after similar steps on Russian oil.
Indian refiners have remained cautious, with concerns about the short timeline and uncertainties surrounding payments, currency arrangements, insurance, and logistics slowing progress on any potential purchases, Bloomberg News reported.
Local refiners have not imported Iranian crude since 2019, when they stopped purchases to comply with US sanctions. Meanwhile, the petroleum ministry said on Thursday that all refineries are operating at full capacity and have secured sufficient oil supplies for the next 60 days.
Shares of RIL settled flat at Rs 1412.55 on Wednesday, compared to a 1.6% advance in the benchmark BSE Sensex. The stock is down 10% year-to-date.
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