Indian oil company Reliance Industries has received US approval to resume oil imports from Venezuela despite sanctions from Washington, a source familiar with the matter said on Wednesday.
In April, the United States reimposed sanctions on Venezuela’s oil sector but said some companies would be allowed to trade and operate in Venezuela.
India’s Reliance gets US nod to import oil from Venezuela, source says https://t.co/mTBNi04t8t
— Reuters Venezuela (@ReutersVzla) July 24, 2024
The US Treasury Department declined to comment, while Reliance did not immediately respond to a request for comment. The news was first reported by Bloomberg, Reuters reported.
Before US oil sanctions were first imposed on Venezuela in 2019, Reliance was the second-largest individual buyer of Venezuelan crude after China’s CNPC.
Reliance had resubmitted a request to the United States in May for permission to import crude oil from Venezuela, after the US Treasury refused to grant licenses to Indian refiners, including Reliance, following the easing of sanctions in October.
However, Indian refiners resumed purchases of Venezuelan oil through intermediaries, until sanctions came back into effect in June.
Finally, the Oil and Natural Gas Corporation of India (ONGC.NS) has also requested a waiver from the US Office of Foreign Assets Control to take crude oil out of Venezuela, an industry source said.
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2024-07-29 00:27:19
