PDVSA and Reliance Resume Oil Swap Under US License Documents Show

21 Dec 2024 CW Team

Venezuela's state-owned oil company, PDVSA, and India's Reliance Industries have officially resumed an oil swap agreement, which had been suspended due to US sanctions imposed on Venezuela. This development was revealed through an internal PDVSA document obtained.

The resumption of the oil exchange comes after the US government granted a special license in July, authorizing such transactions between the two companies. This license was pivotal in allowing the swap to proceed legally, despite the sanctions that had previously hindered the flow of Venezuelan oil to global markets.

As part of this resumed agreement, a supertanker carrying approximately 1.9 million barrels of Venezuelan Merey heavy crude set sail earlier this month, bound for India's Sikka port. Merey is one of Venezuela's key heavy crude grades, and this shipment marks a significant step in the continued trade between the two countries. In return, Reliance Industries, one of India's largest conglomerates, delivered a 500,000-barrel cargo of heavy naphtha to PDVSA in exchange for the crude. This reciprocal exchange signifies the on-going relationship between the two companies in meeting their respective refining needs and further underscores the importance of global oil swaps, particularly in light of geopolitical challenges.

This oil swap arrangement between PDVSA and Reliance represents a continued effort to bypass the constraints of international sanctions while securing energy supplies. Both companies stand to benefit from the exchange, with PDVSA gaining vital products like naphtha for its refineries and Reliance continuing to source Venezuelan crude at a time when access to global oil markets can be uncertain due to the sanctions.

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