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Reliance resume oil swap with Venezuela's PDVSA under US licence: Report

A supertanker carrying about 1.9 million barrels of Venezuelan Merey heavy crude departed earlier this month for India's Sikka port

Oil refinery, Oil production, Crude oil

The exchange follows a US license in July authorizing the trade. | Representative Photo: Bloomberg

Reuters HOUSTON

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Venezuela's state oil company PDVSA and India's Reliance Industries have resumed an oil swap that had been paused due to U.S. sanctions on the South American country, an internal PDVSA document seen on Thursday showed.

The exchange follows a US licence in July authorizing the trade. A supertanker carrying about 1.9 million barrels of Venezuelan Merey heavy crude departed earlier this month for India's Sikka port, while a unit of Reliance delivered a 500,000-barrel cargo of heavy naphtha to PDVSA this month in exchange, according to the document.

PDVSA and Reliance did not immediately reply to requests for comment.

 

 

 

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Dec 20 2024 | 12:25 AM IST

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