CHENNAI: Reliance Industries Ltd, which operates the world’s largest refining complex in India's Jamnagar, said on Thursday it would consider purchasing crude oil from Venezuela if sales to buyers outside the United States are permitted. The company said it was exploring the possibility of purchasing Venezuelan oil in response to a media query from Reuters.
The company’s remarks signal a conditional openness to Venezuelan supplies, which have been largely constrained by US sanctions that limit the country’s ability to sell oil freely on global markets. Reliance did not specify volumes or timelines, but indicated any potential purchases would depend on the regulatory framework governing such sales and compliance with international restrictions.
Reliance runs the Jamnagar refining complex in Gujarat, the biggest in the world, and is known for sourcing a wide range of crude grades to optimise refinery operations. Venezuelan oil, typically heavy and sour, can be attractive for complex refineries equipped to process such grades, provided commercial and legal conditions allow.
Venezuela holds the world’s largest proven oil reserves, but its output and exports have been hit hard in recent years by sanctions, underinvestment and operational challenges. Any easing or clarification that allows sales to non-US buyers could reopen interest from major Asian refiners, including those in India, which is one of the world’s fastest-growing oil markets.
Reliance did not comment further on whether it is currently in talks with Venezuelan suppliers or authorities.