Reliance Industries re-starts crude purchase from crisis-hit Venezuela

Reliance Industries Ltd (RIL) has re-started crude imports from sanctions-hit Venezuela after a four-month gap, using its diesel exports to the Latin American nation to settle the crude purchase bill.

Reliance, India’s biggest private refiner, said the barter arrangement complies with the US sanctions on the OPEC member.

“RIL has been supplying permitted products like diesel to Venezuela and hence is able to recommence crude sourcing. These are actions compliant to US sanctions as crude sourcing against supply of permitted products is allowed,” a Reliance Industries spokesperson said in an e-mailed response to Business Line, disclosing the crude quantities sourced from Venezuela.