INSUBCONTINENT EXCLUSIVE:
Reliance's two refineries in western Gujarat state can process about 1.4 million barrels per day (bpd) of crude oil
| Photographer: Dhiraj Singh/Bloomberg3 min read Last Updated Aug 08 2024 | 11:51 PM IST
Reliance Industries plans to use naptha supplies
as partial payment for crude purchases from Venezuela after the refiner obtained a US approval last month to resume oil trade with the
The company was forced to stop direct purchase from Venezuela in April due to a re-imposition of sanctions but in July, Washington
authorized Reliance to import crude from Venezuela
naphtha, a refined product, from the US to partly pay for its Venezuelan oil purchases, the sources said
The arrangement is similar to past Reliance trades with Venezuela's state company PDVSA, according to PDVSA's exports and imports
as Merey from Venezuela.
The sources declined to provide details regarding volumes and duration of the authorization given by the US for
Reliance's Venezuelan oil purchase
Washington could impose fresh sanctions on the South American country following a disputed election, but US officials have said individual
last year granted a broad license to Venezuela's oil industry allowing state-run PDVSA to freely export to its chosen markets, which
sanctions on Venezuela's oil sector in response to President Nicolas Maduro's failure to meet election commitments, granting instead
one of the sources said, which has caused delays in Reliance's resumption in taking the oil
negotiated with existing as well as new customers, leading to more delays to deliver cargoes since early this year
of Venezuelan crude earlier this year over worries that the license could be pulled at anytime, one of the sources said
Venezuelan oil in June, Kpler data showed
It was not immediately clear who the supplier was.(Only the headline and picture of this report may have been reworked by the Business
Standard staff; the rest of the content is auto-generated from a syndicated feed.)First Published: Aug 08 2024 | 11:51 PMIST
