Reliance May Buy Venezuelan Oil If Rules Permit

12 Jan 2026 CW Team

Reliance Industries is considering the purchase of Venezuelan crude oil, subject to regulatory clarity on sales to non-US buyers, according to a Reuters report.

A spokesperson for Reliance told Reuters that the company is awaiting clarity on access to Venezuelan oil for buyers outside the United States and would consider purchasing the crude in a fully compliant manner if permitted. The potential move comes after the US began facilitating the marketing of Venezuelan oil in global markets and assumed control over its sale for an indefinite period.

At the same time, global oil majors such as Chevron are reported to be in discussions with the US government to secure licences that would allow them to purchase and sell Venezuelan oil.

In the equity market, shares of Reliance Industries fell 2.25 per cent on Thursday to close at Rs 1,470.30 on the BSE, after touching an intraday low of Rs 1,468.45, down 2.37 per cent. The stock has declined for four consecutive sessions, losing 7.67 per cent over the period.

Over the four trading days, Reliance’s market capitalisation has eroded by about Rs 1.65 trillion to Rs 19.90 trillion.

Earlier this month, the United States Department of Energy said the US is selectively rolling back sanctions to enable the transportation and sale of Venezuelan crude and refined products in global markets. According to the department, these sales will begin immediately and could involve around 30–50 million barrels, continuing on an indefinite basis.

Reuters also reported that Chevron is seeking to expand a key licence to operate in Venezuela, which would allow it to raise crude exports to its own refineries and sell oil to other international buyers. An expanded licence could enable Chevron to return to earlier export levels and allocate Venezuelan crude to destinations outside the US, as it has done in the past.

According to reports, some of Chevron’s former business partners, including an Indian refiner, have approached Venezuelan authorities in Caracas this week to explore the possible resumption of oil loadings.

Reliance Industries is considering the purchase of Venezuelan crude oil, subject to regulatory clarity on sales to non-US buyers, according to a Reuters report. A spokesperson for Reliance told Reuters that the company is awaiting clarity on access to Venezuelan oil for buyers outside the United States and would consider purchasing the crude in a fully compliant manner if permitted. The potential move comes after the US began facilitating the marketing of Venezuelan oil in global markets and assumed control over its sale for an indefinite period. At the same time, global oil majors such as Chevron are reported to be in discussions with the US government to secure licences that would allow them to purchase and sell Venezuelan oil. In the equity market, shares of Reliance Industries fell 2.25 per cent on Thursday to close at Rs 1,470.30 on the BSE, after touching an intraday low of Rs 1,468.45, down 2.37 per cent. The stock has declined for four consecutive sessions, losing 7.67 per cent over the period. Over the four trading days, Reliance’s market capitalisation has eroded by about Rs 1.65 trillion to Rs 19.90 trillion. Earlier this month, the United States Department of Energy said the US is selectively rolling back sanctions to enable the transportation and sale of Venezuelan crude and refined products in global markets. According to the department, these sales will begin immediately and could involve around 30–50 million barrels, continuing on an indefinite basis. Reuters also reported that Chevron is seeking to expand a key licence to operate in Venezuela, which would allow it to raise crude exports to its own refineries and sell oil to other international buyers. An expanded licence could enable Chevron to return to earlier export levels and allocate Venezuelan crude to destinations outside the US, as it has done in the past. According to reports, some of Chevron’s former business partners, including an Indian refiner, have approached Venezuelan authorities in Caracas this week to explore the possible resumption of oil loadings.

Infrastructure Transport

01 Jun 2026

MMRDA advances 250 m on Orange Gate–Marine Drive tunnel

The Mumbai Metropolitan Region Development Authority (MMRDA) has completed 250 m of underground tunnelling for the Orange Gate–Marine Drive Urban Road Tunnel using India’s largest slurry shield tunnel boring machine (TBM) deployed for an urban road project.The project involves twin tunnels extending over 7 km beneath critical transport corridors, including Central Railway, Western Railway and Metro Line 3. The work requires high-precision engineering to navigate densely developed urban infrastructure.Once completed, the tunnel is expected to reduce travel time between Orange Gate and Marin..

Infrastructure Urban

01 Jun 2026

Hindustan Zinc Pays Rs 188.46 Billion in FY26

Hindustan Zinc contributed Rs 188.46 billion to the public exchequer in FY 2025-26, according to its 9th Tax Transparency Report. The contribution, equivalent to 46 per cent of the company’s revenue, included direct and indirect taxes, government royalties, dividends to the Government of India, withholding taxes and other statutory levies.The company’s five-year cumulative contribution to the exchequer stood at Rs 915.72 billion. In FY26, Hindustan Zinc reported revenue of Rs 408.44 billion, EBITDA of Rs 221.62 billion and profit after tax of Rs 138.32 billion. It also achieved its highest..

Infrastructure Urban

01 Jun 2026

World of Concrete India 2026 Opens in Mumbai

Informa Markets in India will host the 12th edition of World of Concrete India 2026 from 3–5 June 2026 at the Bombay Exhibition Centre, Mumbai. The specialised B2B exhibition will bring together manufacturers, suppliers, contractors, developers, architects, consultants, infrastructure companies, project leaders and government stakeholders.The event is expected to feature over 350 brands and more than 18,000 trade professionals. It will cover concrete and cement, dry mortar, precast technologies, formwork, construction chemicals, industrial and commercial flooring, scaffolding, safety solutio..