Reliance Industries resumes Venezuela oil imports in barter deal


Reliance Industries resumes Venezuela oil imports in barter deal

India’s biggest private oil refiner Reliance Industries has resumed crude imports from crisis-hit Venezuela, using diesel exports to pay for them under a barter system that the company said Tuesday complies with US sanctions.

The Mumbai-based company owned by Asia’s richest man Mukesh Ambani was forced to cap crude imports from the South American country in March following pressure from the United States. It also stopped exporting diluents needed to process thick Venezuelan crude to the country.

But under the terms of the barter arrangement, the energy-to-telecoms conglomerate has resumed crude imports from the Latin American country, Reliance spokesperson Tushar Pania told AFP. Read More

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