india’s reliance returns to Venezuela in sanctions test

摘要

Indian private-sector frm Reliance Industries has returned to loading Venezuelan crude this month, cautiously seizing on a US sanctions loophole for diesel that holds the potential to restore some of the Opec country’s battered production. Following a hiatus of several months, Reliance loaded the Liberia-fagged very large crude carrier Commodore at Venezuela’s Jose terminal in a swap for diesel that the sanctions tacitly permit. It is unclear when Reliance will ship diesel to Venezuela, or whether the loading signals a full revival of India-Venezuela oil trade. The latter will depend on US government policy, a senior Reliance executive tells Argus, confrming that the deal was cleared on humanitarian grounds with the US Treasury’s Ofce of Foreign Assets Control, which administers sanctions.