Rosneft wants ‘Reuters’ news agency banned in Russian Federation for report about Venezuela

Remigio Civitarese
Aprile 20, 2019

Reliance Industries denied involvement in any arrangements that lead to cash payments for oil supplies to Venezuelan state oil company PDVSA via third parties, and said it is not in violation of any U.S. sanctions, according to a statement from country's giant oil refining company on Saturday.

Reliance, whose twin refineries at Jamnagar in Gujarat were major importers of Venezuelan crude oil, has reduced purchases by about a third.

Since January, Maduro's administration has been in talks with Moscow about ways to bypass a ban on clients paying Pdvsa in dollars, the sources told Reuters.

Russian Federation has publicly said the US sanctions are illegal and it would work with Venezuela to weather them.

Under the plan uncovered by Reuters, Pdvsa has started moving invoices from its oil sales to Rosneft. The Russian energy giant pays Pdvsa immediately at a discount to the sale price, avoiding the usual 30-to-90 day timeframe for completing oil transactions and collects the full amount later from the buyer, according to the documents and sources.

Rosneft is one of the largest investors in Venezuela's oil and gas sector.

"It is false to suggest that Reliance would be settling such shipments via Rosneft to PDVSA, " it added. Venezuela's oil ministry, its information ministry, which handles media for the government, and Pdvsa did not respond to questions.

Reliance said that the oil is bought at market prices and payments by Reliance for such supplies are settled in cash or by-product supply bilaterally between Reliance and the sellers. The spokesperson said the payments were deducted from money owed by Venezuela to those countries, but did not provide further details.

United States oil sanctions on Venezuela do not ban importing crude oil from the Latin American nation but bar imports from the U.S. of the diluents that must be blended with the extra-heavy oil from Venezuela's Orinoco Belt so it can flow through pipelines.

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