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Reliance rules out any violation of US sanctions on Venezuela

RIL also said that whatever fuel shipments it is transporting to Venezuela are for offsetting crude oil receipts and were in transit because they had been committed at a time when there were no specific restrictions
New Delhi: Day after news emerged that Reliance Industries Limited (RIL) was skirting US sanctions and supplying fuel to Venezuela, the conglomerate released a statement denying the report. The company said that since the imposition of the US sanctions, RIL has been communicating continuously with the US Department of State regarding its activities in Venezuela.

'Reliance has been transparent with US authorities'

"Reliance has been transparent with US authorities and also has provided detailed feedback to the US Department of State as they were formulating and adjusting US policy regarding product shipments to Venezuela," a statement released by the company said. "Reliance not only has complied with US sanctions laws, but also has done its best to adjust its dealings with Venezuela on a voluntary basis to reflect the ongoing changes in US policy. Reliance stopped shipments of diluent naphtha to Venezuela, and has reduced its purchases of Venezuelan crude oil to well below its contracted levels," it added. RIL also said that whatever fuel shipments it is transporting to Venezuela are for offsetting crude oil receipts and were in transit because they had been committed at a time when there were no specific restrictions to such transactions and they were all fuels refined in India. "Reliance will continue its transactions in full compliance of prevailing sanctions," the company added.