Reliance Industries on Saturday denied involvement in any arrangement that led to cash payments for oil supplies to Venezuelan state oil company PDVSA via third parties, and said it was not in violation of any US sanctions.
In a statement, Reliance said reports suggesting that it was involved in an arrangement that led to cash payment for oil 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.
