Reliance, Nayara to gain from European energy crisis

MUMBAI: The ongoing energy crisis in Europe is expected to benefit Reliance Industries and Nayara Energy as these are among the Asian refiners that produce winter-specification diesel for the European Union, as per a report. State-owned oil companies are not into exports and that gives an advantage to Reliance - the largest importer of Russian crude and also the largest exporter of diesel from the country - and Russia’s Rosneft-owned Nayara. The energy crisis will only get further aggravated going forward as from next month Opec’s 2-million barrel per day production cut comes into force, and from February 5 the ban on Russian imports of refined products comes into force, say oil analysts.