Before US sanctions were imposed in 2025, Reliance was a regular buyer of Venezuelan oil for its advanced refining complex. The firm has two refineries in the region with a total capacity of about 1.4 million barrels per day.
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India’s Reliance Industries Ltd (RELI.NS) has been granted a general licence from the United States to purchase Venezuelan oil directly without violating sanctions, sources told Reuters.
With the general licence, Reliance has attained the authority to purchase, export, and sell Venezuelan-origin oil that has already been extracted. The licence will also authorise the firm to refine such oil.
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According to sources to Reuters, Reliance’s direct purchase of Venezuelan oil will help replace Russian oil in a cost-effective way, as heavy crude from Caracas is sold at a discount.
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With Reliance’s involvement in the process, export of Venezuela’s oil is expected to pick up pace, as per experts. Also, the crude costs are likely to drop for the operator of the world’s biggest refining complex.
Reliance Industries had applied for the licence last month.
After the US captured Venezuelan President Nicolas Maduro earlier this year, the US officials had said sanctions imposed on Venezuela’s energy industry would be reduced to facilitate a $2 billion oil supply deal between Caracas and the US, along with a $100 billion reconstruction plan for the country’s oil industry.
Before US sanctions were imposed in 2025, Reliance was a regular buyer of Venezuelan oil for its advanced refining complex. The firm has two refineries in the region with a total capacity of about 1.4 million barrels per day.
The license grant comes days after US President Donald Trump signed an executive order revoking a 25 per cent penalty tariff on Indian goods.
Also, India and the US announced a framework for an Interim Agreement on reciprocal, mutually beneficial trade, which will include additional market-access commitments and support a more resilient supply chain.
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