India: Reliance to swap diesel for Venezuelan crude oil
New Delhi, Oct 14 (PTI) Reliance Industries will pay for Venezuelan crude oil via exports of diesel in a barter arrangement as it resumed taking supplies from the US sanctions-hit Latin American nation after a gap of four months.
Although US oil sanctions imposed on Venezuela in January 2019 have no direct secondary component, oil companies such as Reliance Industries (RIL) that have a significant US presence have curtailed their commercial ties with the Opec nation.
Reliance had in March capped oil purchases from the Latin and halted selling diluent.