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Reliance Industries halts oil exports to Venezuela in view of US sanctions

Gasoil News - Published on Fri, 15 Mar 2019

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PTI quoted Reliance Industries as saying that it has stopped all oil exports to US sanction-hit Venezuela and will not resume sales until sanctions are lifted. Reliance, whose twin refineries at Jamnagar in Gujarat were a major importer of Venezuelan crude oil, has reduced purchases by about a third. A company spokesperson said that "Since the US government imposed sanctions on the Government of Venezuela in late January 2019, Reliance Industries Ltd has been in close contact with representatives from the US State Department to ensure full compliance."

The spokesperson said that "Our US subsidiary has completely stopped all business with Venezuela's state-owned oil company, PdVSA, and its global parent has not increased crude purchases. In addition, since sanctions were imposed and contrary to some news reports, Reliance has halted all supply of diluent to PdVSA and will not resume such sales until sanctions are lifted."

Reliance said that it will continue a constructive dialogue with the US government to ensure Reliance remains in compliance.

President Mr Donald Trump in January slapped oil sanctions on Venezuela. The sanctions, however, do not ban importing crude oil from Venezuela but bars imports from the US of the diluents that must be blended with the extra-heavy oil from Venezuela's Orinoco Belt so it can flow through pipelines.

Industry sources said Reliance had a contract to buy some 3 million barrels of crude oil from Venezuela a month, which has been reduced to about 2 million barrels already.

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Posted By : Rabi Wangkhem on Fri, 15 Mar 2019
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