By Arathy Somasekhar, Marianna Parraga and Nidhi Verma
HOUSTON/NEW DELHI, May 6 (Reuters) - Indian oil refiner
Reliance Industries has resubmitted a request to the
U.S. for an authorization to import crude oil from sanctioned
Venezuela, three people close to the matter said, and resume oil
trade between the OPEC producer and the once second-largest
destination for its oil.
French oil producer
Maurel & Prom
separately on Monday said the U.S. on Friday
granted it a license to conduct oil and gas operations in
Venezuela for the next two years.
The U.S. in April did not renew a general license for
Venezuela to export oil and fuel to its chosen markets, and gave
45 days to companies to wind down transactions. But the U.S. had
said some individual authorizations to foreign firms seeking to
do oil business with Venezuela would be issued.
The license had broadly eased Venezuela oil sanctions first
imposed in 2019, moving to reimpose punitive measures in
response to President Nicolas Maduro's failure to meet his
election commitments.
After the easing of sanctions in October, Reliance and other
Indian companies that have business in the past with Venezuela
previously applied to the U.S. Treasury for individual
authorizations. Those were not granted.
Indian refiners, however, resumed Venezuelan oil purchases
through intermediaries. Since October, Reliance has chartered at
least one supertanker to buy crude from state-run oil company
PDVSA. It also received Venezuelan oil cargoes from third
parties, according to internal PDVSA documents viewed by
Reuters.
Before U.S. oil sanctions were first imposed on Venezuela,
Reliance was the second largest individual buyer of Venezuelan
crude after China's CNPC.
Reliance did not reply to a request for comment. The U.S.
Treasury Department declined to comment.
Maurel & Prom's license allows it to continue production
activities under an agreement signed with Venezuela last
November. Its license is the first authorization issued by the
U.S. under the exemptions it offered last month to its reimposed
sanctions regime on the South American country.
"It gives us clear visibility for the future," M&P's CEO
Olivier de Langavant said in a statement. The company owns a 40%
interest in an oilfield joint venture with PDVSA and has agreed
to boost oil output in the field.
The U.S. Treasury and State departments in recent years have
received dozens of license requests from firms interested in
investing in Venezuela's energy industry or importing Venezuelan
crude or gas. Just a few of those individual requests have been
approved, including a key license to U.S. oil major Chevron ( CVX )
.