In a statement, Reliance said reports suggesting that it was involved in an arrangement that leads to cash payment for oil supplies to Venezuelan national oil company PDVSA via third parties are "false and reckless". "Reliance has purchased Venezuelan crude oil from companies such as (Russia's) Rosneft long before the imposition of the US sanctions, as they do get title to Venezuelan oil in return for reduction in their prior debt. In these transactions, PDVSA is only the original physical supplier, as the crude oil originates in its export facilities," the statement said. Reliance, whose twin refineries at Jamnagar in Gujarat were major importers of Venezuelan crude oil, has reduced purchases by about a third. Venezuela's state-owned oil company PDVSA has been placed on the US Treasury Department's Specially Designated Nationals list, which generally prohibits American citizens from dealing with named firms or individuals.

Source: Mint April 20, 2019 08:03 UTC