16 Feb Reliance gets US licence to directly import Venezuelan crude
(Oilandgaspress) -] Reliance Industries Limited, the Mukesh Ambani-led company has received a US general licence to buy Venezuelan crude oil directly. The deal would help RIL to resume imports of discounted heavy feedstock that aligns with its Jamnagar refinery configuration and optimises refining margins.
Reliance Industries, with help of general license, will be able to buy purchase of oil directly from an entity that has already extracted it from below ground or is in possession of it.
Prior to the sanctions imposed by the US on Nicolas Maduro’s regime in 2019-20, RIL used to purchase Venezuelan crude. The company bought oil when the US introduced a temporary sanctions relief in 2024. The purchase of Venezuelan oil will give Reliance the leverage to optimise its refining margins because these barrels can be upgraded into higher-value products like diesel, kerosene and LPG that fetch strong demand in India and export markets.
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