NEW DELHI: Reliance IndustriesNSE -2.06 % Saturday said it is not in violation of the US sanctions on Venezuela and had purchased crude originating from the Latin American nation from companies such as Russia’s Rosneft in full knowledge of US authorities.
In a statement, Reliance said reports suggesting that it was involved in an arrangement that leads to cash payment for oilNSE -0.92 % supplies to Venezuelan national oil company PDVSA via third parties are “false and reckless”.
“Reliance has purchased Venezuelan crude oil from companies such as (Russia’s) Rosneft long before the imposition of the US sanctions, as they do get title to Venezuelan oil in return for reduction in their prior debt.
