India’s Reliance Industries on Saturday said that reports suggesting its involvement in an arrangement that leads to cash payment for Venezuelan state oil company PDVSA via third parties and hence violating US sanctions are false.
“Reliance has purchased Venezuelan crude oil from companies such as Rosneft long before the imposition of US sanctions, as they do get title to Venezuelan oil in return for a reduction in their prior debt,” the company said in a statement.
“Since sanctions were imposed, Reliance has made such purchases with the full knowledge and approval of the US Department of State, and Reliance has informed US Department of State of specific volumes and transactions.”
It further clarified that such transactions do not lead to any consequent payment to PDVSA and do not violate US sanctions or policies.
The company said that its price agreement with such sellers is at market and payments by Reliance for such supplies are settled in cash or by-product supply bilaterally between Reliance and such sellers.
(c) 2019 Qatar Tribune. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers