Indian refiner Reliance says not involved in Venezuelan PDVSA cash payment


by   |  VIEW 336
Indian refiner Reliance says not involved in Venezuelan PDVSA cash payment

On Saturday, the 20th of April 2019, the Reliance Industries, an Indian Conglomerate with energy subsidies had issued a statement saying that the company had not been involved in any kind of cash payment agreement with the Venezuelan state-controlled oil firm PDVSA through third parties and the company had not been involved in any breach of US sanctions on Venezuelan heavy crude.

The latest comment from Reliance Industries, headquartered in Mumbai, with an annual revenue of $66 billion as of 2018, came into light, a day after a Press agency had revealed PDVSA documents including invoices, indicating that the state-controlled oil company had been dodging US sanctions by making payments through Russian state-controlled oil industry giant Rosneft.

Besides, the documents had also revealed that the Rosneft had been paying PDVSA immediately with some discounts and sending the payments later to the third-party buyers all over the world such as Reliance. The document had also indicated that the PDVSA had urged Reliance to issue payment for their heavy crude through Russ Rosneft.

As a response to the document, the Reliance had been quoted saying on their statement that the reports which involved its link with cash payment through third parties such as Rosneft for PDVSA crude oil to bypass the US sanction, aimed at dissecting money supply for socialist President Nicolas Maduro, were false and reckless.

Besides, Reliance had also added that it had made many purchases of Venezuelan crude with approval of United States government since the sanctions were imposed.