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.

Infrastructure Energy

17 Dec 2025

Vedanta Aluminium Uses 1.57 bn Units of Green Energy in FY25

Vedanta Aluminium, India’s largest aluminium producer, recently reported consumption of 1.57 billion units of renewable energy in FY25, marking a significant milestone in its 2030 decarbonisation roadmap. The company also achieved an 8.96 per cent reduction in greenhouse gas (GHG) emissions intensity compared to FY21, reinforcing its leadership in India’s low-carbon manufacturing transition. During FY25, Vedanta Aluminium expanded its renewable energy portfolio through long-term power purchase agreements, strengthening its strategy to source nearly 1,500 MW of renewable power over the lon..

Oberoi Group to Develop Luxury Resort at Makaibari Tea Estate

EIH Limited, the flagship company of The Oberoi Group, has announced the signing of a management agreement to develop an Oberoi luxury resort at the iconic Makaibari Tea Estate in Darjeeling. The project marks a key milestone in the Group’s long-term strategy of creating distinctive hospitality experiences in rare and environmentally significant locations. Established in 1859, Makaibari is one of the world’s oldest tea estates and is globally recognised for its Himalayan landscape, primary forests and exceptional biodiversity. Spread across 1,236 acres, the estate houses one of the world�..

GHV Infra Secures Rs 1.09 Bn EPC Order in Jamshedpur

GHV Infra Projects Ltd, a fast-growing EPC company in India’s infrastructure and construction sector, has recently secured a Rs 1.09 billion work order in Jamshedpur, Jharkhand. Awarded by a reputed group entity, the contract covers end-to-end civil construction, mechanical, electrical and plumbing (MEP) systems, along with high-quality finishing works for a large building development. The project will be executed over a 30-month period, with defined benchmarks for quality, safety and timely delivery. The order strengthens GHV Infra’s footprint in Jamshedpur, a key industrial hub known fo..