Before the initial imposition of US oil sanctions on Venezuela in 2019, Reliance was a major buyer of Venezuelan crude. Credit: viewimage / Shutterstock.

Indian conglomerate Reliance Industries has secured approval from the US to recommence crude oil imports from Venezuela, reported Bloomberg, citing sources.

The approval comes despite ongoing sanctions imposed by the US administration on the Latin American nation.

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Last year, the US Government briefly lifted restrictions on Venezuela’s gold and oil sectors, following an agreement between President Nicolas Maduro and the opposition to ensure free and fair elections.

However, the sanctions were reimposed in April 2024 after the Venezuelan Government failed to adhere to the agreement.

Consequently, oil companies have been seeking permits from the US Treasury Department to continue their operations in the country. 

Before the initial imposition of US oil sanctions on Venezuela in 2019, Reliance was a major buyer of Venezuelan crude, second only to China’s CNPC.

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Following the initial easing of sanctions in October, Reliance resubmitted a request to the US for authorisation to import Venezuelan crude.  

This request came after the US Treasury Department denied licenses to Indian refiners, including Reliance.

Alongside Reliance, the overseas investment arm of India’s state-owned Oil and Natural Gas Corp, ONGC Videsh, has also sought waivers to import crude from Venezuela.

In a related development, ONGC Videsh recently finalised a sale purchase agreement with Equinor to acquire a 0.615% participating interest in the Azeri Chirag Gunashli (ACG) oilfield, located offshore Azerbaijan.  

The deal also includes a 0.737% interest in the Baku Tbilisi Ceyhan pipeline company, augmenting ONGC Videsh’s existing stakes in both the ACG field and the BTC pipeline.