Reliance says oil purchases from Venezuela in compliance with US sanctions

Reliance Industries on Thursday said its purchases of crude oil from US-sanctioned Venezuela are reported and approved by the US government and that it remains in compliance with the sanctions.

The statement came in response to the Trump administration warning energy companies with ties to Venezuela to "tread cautiously".

"All of Reliance's purchases of Venezuela crude oil are reported to and approved by the US Government," a company spokesperson said when asked to comment on the warning.

"We are in frequent communications with US Government officials regarding Venezuela and continuously keep them apprised of our actions," the spokesperson said in an e-mailed statement.

Reliance, whose twin refineries at Jamnagar in Gujarat were major importers of Venezuelan crude oil, had last year reportedly slashed purchases from the Latin American country by about a third.

The US imposed economic sanctions on Venezuela in late January 2019 with a view to curb the country's crude exports and put pressure on socialist President Nicolas Maduro to step down.

"Reliance is not sharing any oil field in Venezuela nor does it operate as an intermediary for sale to third parties," the statement said. "All Venezuelan crude oil sourced by Reliance is for processing in Reliance's refineries only."
The company said it "will always remain in compliance with US sanctions policies affecting Venezuela."