News By/Courtesy: Sharad Agnihotri | 26 Mar 2019 12:09pm IST

HIGHLIGHTS

  • Reliance Industries, operator of the world’s largest oil refining complex, said that it was not breaching US sanctions against Venezuela applied as the latter has been labelled as threat to security.
  • Reliance Industries said its recent fuel exports to Venezuela were agreed upon before Washington imposed sanctions in January and were meant to settle Reliance’s crude oil imports from Venezuela.
  • According the Reliance, few transportation fuel shipments to Venezuela treated as offsets for crude oil receipts, were committed and they were in transit when there were no specific restrictions.

Reliance Industries, operator of the world’s largest oil refining complex, said that it was not breaching US sanctions against Venezuela. The reason behind the most powerful country in the world currently imposing sanction to a tiny nation like Venezuela is because, in 2015 by the presidential orders of the US, Venezuela was declared a threat to ‘Nation Security’.

Reliance Industries said its recent fuel exports to Venezuela were agreed upon before Washington imposed sanctions in January, and they were meant to settle Reliance’s crude oil imports from Venezuela. Reliance Industries further said it has been in continuous communication with the US department of State regarding its activities in Venezuela, since the imposition of the sanctions. The State Department referred a request for comment to the treasury department which did not respond immediately. The report on Reliance Industries came a day after Reuters reported that the conglomerate was selling fuels to Venezuela from India and Europe to sidestep sanctions that bar US based companies from dealing with state run PDVSA.

According the Reliance, few transportation fuel shipments to Venezuela treated as offsets for crude oil receipts, were committed and they were in transit when there were no specific restrictions to such transactions, they were all fuels refined in India. Reliance had been supplying alkylate, diluent naphtha and other fuels to the South American country through its US based subsidiary before Washington imposed sanctions aimed at curbing the OPEC member’s oil exports. Venezuela related sanctions are possible in the future, as US president Donald Trump’s administration has not yet tried to prevent companies based outside US from buying Venezulean oil.

Section Editor: Shreyashi Tiwari | 26 Mar 2019 12:15pm IST


Tags : #Reliance #Industries #US #Sanctions #Breach #Venezuela

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