13 illegal workers arrested for running firm selling expired seafood    "Green Family" campaign launched to enhance climate change awareness among families    Nazaha chief: Vision 2030 aims to be a successful model in combating corruption    Shihana Alazzaz named chief of Saudi Authority for Intellectual Property    Slovak PM Robert Fico fights for life after assassination attempt    Israeli minister attacks Netanyahu over Gaza future    4 major world boxing titles await their champion at 'Ring of Fire' in Riyadh Saturday    Saudi Arabia launches 'groundbreaking' project to protect ecosystems in Arabian Gulf    Riyadh hosting CIPS MENA conference on procurement, supply chains    Fahd Al-Qunun continues to elevate the customer experience through unique cashback initiative Innovative program from premium Saudi honey producer reinforces commitment to customer satisfaction and loyalty    Indian spices face heat over global safety concerns    Blinken reiterates US arms will help Ukraine as it reels from latest Russian attack    Al-Khateeb: Saudi Arabia has become a global hub for innovations with SR800 billion investments    Nadhmi Al-Nasr: 140,000 workers involved in NEOM projects around the clock    Glioblastoma: Top Australian doctor remains brain cancer-free after a year    Introducing Zilos: A luxury Culinary Oasis of Mediterranean and Asian Fusion in Jeddah    Al Hilal wraps up Saudi League title; Jesus touts season as model of excellence    Neymar celebrates Al Hilal's title win, eager for comeback next season    Al Hilal clinches Saudi Professional League title in a star-studded season    Saudi authorities recall contaminated mayonnaise after food poisoning incident at Riyadh restaurant    JK Rowling in 'arrest me' challenge over hate crime law    Trump's Bible endorsement raises concern in Christian religious circles    Hollywood icon Will Smith shares his profound admiration for Holy Qur'an    We have celebrated Founding Day for three years - but it has been with us for 300    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Reliance sends fuel from India, Europe to Venezuela to sidestep US sanctions
Published in The Saudi Gazette on 21 - 03 - 2019

India's Reliance Industries is selling fuels to Venezuela from India and Europe to sidestep sanctions that bar US-based companies from dealing with state-run PDVSA, according to trading sources and Refinitiv Eikon data.
Reliance had been supplying alkylate, diluent naphtha and other fuel to Venezuela through its US-based subsidiary before Washington in late January imposed sanctions aimed at curbing the OPEC member's oil exports and ousting Socialist President Nicolas Maduro.
At least three vessels chartered by the Indian conglomerate supplied refined products to Venezuela in recent weeks, and another vessel carrying gasoil is expected to set sail to the South American nation as well, according to the sources and data.
A Reliance spokesman wrote to Reuters in an email and said: "Reliance is and will remain in compliance with the sanctions and shall work with the concerned authorities."
He also said, "The volume of products supplied to and crude oil imported from Venezuela have not increased."
Reliance, an Indian conglomerate controlled by billionaire Mukesh Ambani, has significant exposure to the financial system of the United States, where it operates subsidiaries linked to its oil and telecom businesses, among others.
The Indian market is crucial for Venezuela's economy because it has historically been the second-largest cash-paying customer for the OPEC country's crude, behind the United States.
Additional sanctions against Venezuela are possible in the future, as US President Donald Trump's administration has not yet tried to prevent companies based outside the United States from buying Venezuelan oil, a strategy known as "secondary sanctions."
Refinitiv Eikon trade data shows that Reliance shipped alkylate, a component for motor gasoline, to Venezuela on vessels Torm Mary and Torm Anabel in recent weeks. Those originated in India and passed through the Suez Canal.
It also shipped a gasoline cargo using tanker Torm Troilus to Venezuela and is preparing to send 35,000 tons of gasoil in a vessel called Vukovar to the South American nation.
"Reliance is also supplying some products from its Rotterdam storage," a source familiar with Reliance's operation said. PDVSA did not reply to a request for comment.
In a statement last week, Reliance said its US unit has completely stopped all business with PDVSA. Reliance also halted all supply of diluents including heavy naphtha to Venezuela and does not plan to resume such sales until sanctions are lifted, according to the release.
Venezuela has overall imported some 160,000 barrels per day of fuel and diluents for its extra heavy oil output since the USmeasures were imposed, according to PDVSA and Refinitiv data, below levels prior to the sanctions but still enough to supply gas stations and power plants.
Reliance is among the biggest buyers of Venezuelan oil, although the company has recently said it has not increased crude purchases from Venezuela. In 2012, Reliance signed a 15-year deal to buy between 300,000 to 400,000 bpd of heavy crude from PDVSA.
Ship tracking data obtained by Reuters showed that Reliance's average purchases from Venezuela were less than 300,000 bpd in 2018 and in the first two months of this year.
Venezuela continues to supply at least some oil to India. A very large crude carrier (VLCC) is anchored off Venezuela's Jose port waiting to load oil bound for India, and at least six other vessels of the same size are under way to India's Sikka and Vadinar ports, according to the Refinitiv data.
PDVSA's second-largest customer in India is Nayara Energy , partially owned by Russian energy firm Rosneft , one of PDVSA's primary allies. — Reuters


Clic here to read the story from its source.