Reliance Industries Ltd. has received approval from the United States to restart crude oil imports from Venezuela, despite ongoing White House sanctions against the South American country.
India's leading privately-owned refiner, Reliance, plans to begin purchasing Venezuelan crude oil in the near future. Sources familiar with the matter, who requested anonymity as the information is not public, confirmed the development. Reliance had previously been responsible for about 90% of India's crude oil imports from Venezuela before sanctions were reimposed earlier this year, according to data from Kpler.
Last year, Washington had temporarily eased restrictions on Venezuela's gold and oil sectors following an agreement between President Nicolás Maduro and opposition leaders to ensure fair elections. However, these sanctions were reinstated in April after Venezuela failed to meet the terms of the agreement. Since then, oil companies have been seeking permits from the U.S. Treasury Department to continue their business activities in Venezuela.
In June, Venezuela's crude oil exports reached 654,000 barrels per day, the highest level since April 2020, following the issuance of a specific license by the U.S. to allow continued drilling despite the sanctions.
In addition to Reliance, ONGC Videsh Ltd., the overseas investment arm of India's state-owned Oil and Natural Gas Corporation, has also applied for permits to import Venezuelan crude oil.
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