Daijiworld Media Network - Mumbai

Mumbai, Mar 27: Shares of Reliance Industries Limited are expected to remain in focus on Friday after the company firmly denied reports claiming it had purchased Iranian crude oil following a US sanctions waiver.

In a statement issued late Thursday, the company said, “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.”

The clarification comes after a report by Reuters earlier this week claimed that Reliance had bought 5 million barrels of Iranian crude from the National Iranian Oil Company, following a temporary easing of US sanctions.

Reliance, which operates the world’s largest refining complex at Jamnagar in Gujarat, emphasised the need for responsible reporting. “We urge media outlets to verify facts thoroughly before publication and to refrain from disseminating unsubstantiated reports that can misinform stakeholders and the public,” the company added.

The development follows a recent move by the administration of Donald Trump, which granted a 30-day waiver allowing the purchase of Iranian oil already at sea, in a bid to stabilise global supply and cool rising prices. The waiver applies to shipments loaded on or before March 20 and discharged by April 19.

Despite the relaxation, Indian refiners have reportedly remained cautious due to concerns over payment mechanisms, insurance, logistics, and the short duration of the waiver. Notably, domestic refiners have not imported Iranian crude since 2019, in compliance with US sanctions.

Meanwhile, the petroleum ministry stated that all refineries in the country are operating at full capacity and have secured sufficient crude supplies for the next 60 days.

On the market front, Reliance shares ended flat at Rs 1,412.55 in the previous session, underperforming the benchmark BSE Sensex, which rose 1.6%. The stock has declined around 10% so far this year.