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India's Reliance Industries engages US authorities for permission to import Venezuelan crude oil, sources confirm, eyeing a return after pausing buys amid 2025 sanctions and tariffs. The Jamnagar refinery stands ready for heavy Venezuelan grades as global oil dynamics shift.
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India's Reliance Industries is negotiating with the US government for authorization to import Venezuelan crude, sources report, signaling potential diversification for the world's largest refinery operator after a halt due to 2025 tariffs. This move awaits clarity on sales to non-US buyers under evolving sanctions.
Key Developments
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Reliance halted Venezuelan oil purchases in March 2025 following a US-imposed 25% tariff on nations buying from the sanctioned country.
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The company operates the Jamnagar complex in Gujarat, capable of processing 1.4 million barrels daily, ideal for heavy Venezuelan grades like Merey.
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Previously, Reliance imported around 2 million barrels monthly from Venezuela before sanctions disruptions.
Strategic Implications
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A Reliance spokesperson stated the firm awaits regulatory clarity and will pursue compliant purchases if non-US access is permitted.
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Industry watchers note state-run refiners like Indian Oil and Hindustan Petroleum may follow suit if approvals emerge.
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This comes amid US efforts to redirect Venezuelan oil globally post-tariffs, potentially easing India's reliance on other discounted crudes.
Sources: Reuters, Business Standard, Business Today
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