Indian Reliance resumes Venezuela oil imports

India's biggest private oil refiner Reliance Industries has resumed crude imports from crisis-hit Venezuela, using diesel exports to pay for them under a barter system that the company said yesterday complies with US sanctions.The Mumbai-based company owned by Asia's richest man Mukesh Ambani was forced to cap crude imports from the South American country in March following pressure from the United States.

It also stopped exporting diluents needed to process thick Venezuelan crude to the country.

But under the terms of the barter arrangement, the energy-to-telecoms conglomerate has resumed crude imports from the Latin American country, Reliance spokesperson Tushar Pania told the news agency.

The deal will help ease Venezuela's inventories after US sanctions left its state-owned oil company PDVSA with huge volumes of unsold crude.

"Reliance Industries is exporting diesel and importing crude oil from Venezuela in a barter arrangement," Pania said.

"This is in compliance with US sanctions and Reliance is confident of adhering to them," he added, declining to say when the company had resumed the shipments.

 

Indian Reliance resumes Venezuela oil imports

Indias biggest private oil refiner Reliance Industries has resumed crude imports from crisis-hit Venezuela, using diesel exports to pay for them under a barter system that the company said yesterday complies with US sanctions.The Mumbai-based company owned by Asias richest man Mukesh Ambani was forced to cap crude imports from the South American country in March following pressure from the United States. It also stopped exporting diluents needed to process thick Venezuelan crude to the country. But under the terms of the barter arrangement, the energy-to-telecoms conglomerate has resumed crude imports from the Latin American country, Reliance spokesperson Tushar Pania told the news agency. The deal will help ease Venezuelas inventories after US sanctions left its state-owned oil company PDVSA with huge volumes of unsold crude. Reliance Industries is exporting diesel and importing crude oil from Venezuela in a barter arrangement, Pania said. This is in compliance with US sanctions and Reliance is confident of adhering to them, he added, declining to say when the company had resumed the shipments.