Reliance Industries to swap diesel for Venezuelan crude oil

Money Control | Oct 14, 2019 at 10:17 AM
  • Reliance Industries will pay for Venezuelan crude oil via exports of diesel in a barter arrangement as it resumed taking supplies from the US sanctions-hit Latin American nation after a gap of four months.
  • Although US oil sanctions imposed on Venezuela in January 2019 have no direct secondary component, oil companies such as Reliance Industries (RIL) that have a significant US presence have curtailed their commercial ties with the Opec nation.
  • RIL, which operates twin refineries with a capacity to process 1.36 million barrels per day of crude oil at Jamnagar in Gujarat, had a contract to buy around 3 million barrels of crude oil from Venezuela a month, which was reduced to about 2 million barrels by March 2019.