The logo of Reliance Industries
| Photo Credit: Reuters
Reliance Industries has received approval from the United States to resume importing oil from Venezuela, Bloomberg News reported on July 24, citing people aware of the development.
The nod comes months after the refiner resubmitted a license request to the U.S. to import crude oil from sanctioned Venezuela and resume trade between the OPEC producer and the once second-largest destination for its oil.
Reliance did not immediately respond to Reuters’ request for comment. Indian refiners resumed purchasing Venezuelan oil through intermediaries after Washington temporarily lifted its curbs on the South American country last October. The sanctions were imposed in 2019 in response to President Nicolas Maduro’s failure to meet his election commitments.
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