Reliance Industries Ltd. obtained approval from America to resume importing oil from Venezuela despite existing white house sanctions.
Following the lifting of sanctions last year, Reliance was responsible for nearly 90% of India’s Venezuelan crude imports. Washington had temporarily lifted restrictions on Venezuela’s gold and oil sectors last year, but reinstated them in April after Venezuela did not comply with the agreement.
Since then, oil companies have been seeking permits from the American treasury department to continue their operations. As reported by moneycontrol.com, besides Reliance, ONGC Videsh Ltd., the overseas investment arm of Oil and Natural Gas Corporation (ONGC), has also requested waivers to import Venezuelan crude.
