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 Urban

12 May 2026

Terex launches TRAC vibration analysis system

Terex®, a global provider of specialised equipment solutions, has launched TRAC, a new vibration analysis system designed to deliver deeper insight into the performance, condition and long-term structural integrity of screening equipment.Announced in Hosur on May 11, 2026, the TRAC system is now available across screening equipment offered under Terex Materials Processing (MP) brands, including Powerscreen®, Finlay®, EvoQuip®, MDS®, Terex® Washing Systems, Terex® MPS (Cedarapids®, Simplicity®), MAGNA™ and Terex® Ecotec.Developed specifically for vibratory screening equipment by Ter..

ADIO partners Motherson to set up large automotive components hub in KEZAD

The Abu Dhabi Investment Office (ADIO) has announced its support for Samvardhana Motherson International Limited’s (Motherson) new manufacturing hub in Abu Dhabi, marking a major step in strengthening the emirate’s position as a global centre for advanced manufacturing and automotive supply chains.ADIO said the partnership aligns with its strategy to accelerate high-value industrial investments and build resilient supply chains across priority sectors, further reinforcing Abu Dhabi’s competitiveness as a regional and global manufacturing and export hub.Under the partnership, a large-scal..

ABB launches world’s first magnet-free IE6 motor certified for hazardous areas

ABB has become the world’s first manufacturer to introduce an IE6 Hyper-Efficiency motor certified for hazardous environments under ATEX and IECEx standards. Designed for Zones 1 and 2, the new IE6 Increased Safety motor is based on ABB’s synchronous reluctance (SynRM) technology and is completely free of magnets and rare earth materials.The company said the latest motor offers up to 60 percent lower energy losses compared to conventional IE3 induction motors widely used in hazardous industries such as chemicals, marine, oil & gas, pharmaceuticals, and food and beverage. The launch is ..