Mumbai, July 24 2024 : Reliance Industries Ltd. has been granted permission by the United States to recommence crude oil imports from Venezuela, despite ongoing sanctions imposed by the White House, sources familiar with the matter disclosed.
India’s largest privately owned refiner intends to initiate purchases of Venezuelan crude in the near future, the insiders revealed on condition of anonymity due to the sensitivity of the information. Reliance had previously accounted for approximately 90% of India’s Venezuelan crude imports following the lifting of sanctions last year, as reported by data intelligence firm Kpler.
Last year, Washington temporarily eased restrictions on Venezuela’s gold and oil sectors following an agreement between President Nicolas Maduro and opposition leaders aimed at ensuring fair elections. However, sanctions were reinstated in April after Venezuela failed to uphold its end of the bargain. Since then, companies have been required to obtain permits from the US Treasury Department to conduct business in Venezuela.
Despite the sanctions, Venezuela’s crude exports surged to 654,000 barrels per day in June, marking the highest volume since April 2020, according to shipping reports and data from Kpler. This increase followed the issuance of specific licenses by the US allowing companies to continue operations in Venezuela’s oil fields.
In addition to Reliance, India’s state-owned Oil and Natural Gas Corp.’s overseas investment arm, ONGC Videsh Ltd., has also sought waivers to resume crude imports from Venezuela.
No Comments: