Insiders: Indian Reliance Industries wins US purchase of Venezuelan oil permit

Two knowledgeable insiders said that the United States has issued a general license to India's Reliance Industries Limited, allowing the refinery to directly purchase Venezuelan oil without violating sanctions. After the arrest of Venezuelan President Maduro earlier this month, US officials stated that Washington would relax sanctions on the Venezuelan energy industry in order to facilitate a $20 billion oil supply agreement between Caracas and Washington, as well as a ambitious $100 billion Venezuelan oil industry reconstruction plan. The general license authorizes the purchase, export, and sale of Venezuelan-origin crude oil that has already been extracted, including its refining. Issuing the license to Reliance can accelerate Venezuela's oil exports and reduce crude oil costs for the world's largest refinery operator. Reliance applied for the license in early January but has not responded to requests for comment via email.