Reliance Industries shares in focus as oil swap with Venezuela resumes under U.S. license
Reliance Industries shares will remain in focus on Friday after Venezuela's state oil company PDVSA and Reliance Industries resumed an oil swap arrangement that was previously halted due to U.S. sanctions. This development follows a U.S. license granted in July authorizing such trade, according to an internal PDVSA document.
A supertanker carrying about 1.9 million barrels of Venezuelan Merey heavy crude departed earlier this month for India's Sikka port, while a unit of Reliance delivered a 500,000-barrel cargo of heavy naphtha to PDVSA this month in exchange, according to the document.
Meanwhile, 2024 has been a forgettable year for Reliance Industries (RIL), with the conglomerate's shares on track to end the year with negative returns. This marks the first time in nearly a decade that the Mukesh Ambani-led company has experienced such a decline.
RIL's market capitalization has dropped by over Rs 4.4 lakh crore since its peak in July, with shares falling nearly 21% from their highest point of Rs 1,608.95.
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