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 Transport

06 Aug 2026

Surya Roshni delivers customised lighting for NCRTC RRTS stations

Surya Roshni has supplied customised indoor lighting solutions for 18 elevated stations on the National Capital Region Transport Corporation's (NCRTC) Rapid Rail Transit System (RRTS), strengthening its presence in India's infrastructure lighting segment.The project involved the design and deployment of lighting systems for platforms, concourses, foot overbridges (FOBs) and back-of-house (BOH) areas. According to the company, the luminaires were developed specifically to meet NCRTC's design, operational and performance requirements rather than using standard products.Surya introduced two custo..

Hilton debuts Tapestry Collection brand in Vietnam

Hilton has opened NHAAN Resort & Spa Hoi An, Tapestry Collection by Hilton, marking the debut of the Tapestry Collection brand in Vietnam and expanding its lifestyle hospitality portfolio in Southeast Asia.Located along the Co Co River in Cam Thanh village, the 174-key resort provides access to Hoi An Ancient Town, Cua Dai Beach and the Cam Thanh Nipa Forest. The property has been designed by Vietnamese architect Vo Trong Nghia, incorporating biophilic architecture, locally sourced materials and riverfront landscapes.The resort offers a mix of guest rooms and suites, including family-frien..

Electrent expands lithium energy storage system portfolio

Electrent Energy has expanded its lithium-based energy storage portfolio with the launch of the ESS 850 and ESS 1050, targeting compact and maintenance-free power backup solutions for Indian homes.The new systems integrate a Home UPS and a LiFePO4 lithium battery into a single unit, extending the company's product range following the launch of its ESS 1350 and ESS 2500 models.Designed for apartments and smaller homes, the ESS 850 provides up to 1 hour 15 minutes of backup, while the ESS 1050 offers up to 1 hour 45 minutes on a typical 400 W household load. The systems can power essential appli..