New Delhi, April 20 -- The Reliance Industries on Saturday said that reports suggesting its involvement in an arrangement that leads to cash payment for Venezuelan state oil company PDVSA via third parties and hence violating US sanctions are false.
"Reliance has purchased Venezuelan crude oil from companies such as Rosneft long before the imposition of US sanctions, as they do get title to Venezuelan oil in return for a reduction in their prior debt," the company said in a statement.
"Since sanctions were imposed, Reliance has made such purchases with the full knowledge and approval of the US Department of State, and Reliance has informed US Department of State of specific volumes and transactions."
It further clarified that such transa...