Reliance Industries Ltd. has received US approval to resume importing oil from Venezuela, despite existing sanctions on the country. India’s largest private refiner plans to start buying Venezuelan crude soon. Previously, Reliance made up about 90% of India’s crude imports from Venezuela after sanctions were briefly lifted last year, according to data from Kpler.
The US Treasury declined to comment, and Reliance did not respond to an email seeking comment.
Last year, the US temporarily lifted restrictions on Venezuela’s gold and oil sectors after President Nicolas Maduro and the opposition signed a deal for free and fair elections. However, the sanctions were reinstated in April when Venezuela did not follow through on the agreement. Since then, oil companies have been applying for permits from the US Treasury Department to continue operations in Venezuela.
Venezuela’s crude exports reached 654,000 barrels a day in June, the highest since April 2020, after the US allowed some companies to drill in the country despite sanctions. Besides Reliance, India’s state-owned Oil and Natural Gas Corp.’s overseas investment arm, ONGC Videsh Ltd., has also applied for waivers to import crude from Venezuela.
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