EU fuels crude awakening for Nayara Energy, but Reliance feels the heat too

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New Delhi: The European Union‘s sanctions against Nayara Energy will be a setback to the company and the ban on fuels made from Russian oil poses a challenge to Reliance Industries Ltd (RIL), with both up against the threat of being shut out of the bloc, executives and analysts said. The move also complicates Russian energy giant Rosneft‘s reported plans to divest its 49% stake in Nayara. RIL and Nayara are India’s top two fuel exporters.

Reliance, which has a term deal to buy substantial volumes of crude from Rosneft, now faces a tough choice: either…



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