India’s Reliance Industries denies sidestepping the US sanctions

India’s Reliance Industries denies sidestepping the US sanctions
Published: 24 March 2019 - 7 a.m.
By: Martin Menachery

Reliance Industries denied any suggestion that it ever sidestepped the US sanctions in supplying products to Venezuela.

Since the imposition of the US sanctions, Reliance has been in continuous communication with the US Department of State regarding its activities in Venezuela. Reliance has been transparent with the US authorities and also has provided detailed feedback to the US Department of State as they were formulating and adjusting the US policy regarding product shipments to Venezuela.

Reliance not only has complied with the US sanction laws, but also has done its best to adjust its dealings with Venezuela on a voluntary basis to reflect the ongoing changes in the US policy. Reliance stopped shipments of diluent naphtha to Venezuela, and has reduced its purchases of Venezuelan crude oil to well below its contracted levels.

Reliance’s few transportation fuel shipments to Venezuela, treated as offsets for crude oil receipts, were committed and in-transit when there were no specific restrictions to such transactions. They were all fuels refined in India.

Click here to add your comment

Please add your comment below
Your email address will not be published