Reliance to Resume Venezuelan Crude Purchases with Naphtha-for-Oil Swap

Reliance Industries has received U.S. approval to resume oil purchases from Venezuela and plans to use naphtha as partial payment. The remaining balance will be paid in dollars. This arrangement, similar to previous deals between Reliance and Venezuela`s PDVSA, provides Venezuela with needed naphtha for diluting its heavy crude. While the exact details of the agreement remain undisclosed, delays in Reliance`s oil receipt are attributed to overbooked Venezuelan ports and production issues within the country. Despite potential for new U.S. sanctions on Venezuela, existing oil licenses are expected to remain unaffected.