India-Venezuela Oil Imports: Mukesh Ambani-led Reliance Industries wins US licence for Venezuelan oil

Reliance Industries wins US licence for Venezuelan oil: The United States has issued a general licence to Mukesh Ambani-led Reliance Industries Ltd, that will allow the refiner to buy Venezuelan oil directly without violating sanctions, news agency Reuters reported, citing sources close to the matter.

For the uninitiated, a general licence authorises the purchase, exportation and sale of Venezuelan-origin oil that has already been extracted, including the refining of such oil.

Following the US capture of Venezuelan President Nicolas Maduro earlier this month, US officials said Washington would ease sanctions imposed on Venezuela's energy industry to facilitate a USD 2 billion oil supply deal between Caracas and Washington and an ambitious USD 100 billion reconstruction plan for the country's oil industry, the report added.