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Reliance Industries

Reliance Industries

Industry: 
Energy
Value of USG Contracts: 
900
Symbol: 
BOM:500325
States: 
TX
Country: 
India
Contact Information: 
Sources: 

 

"Last month, Reliance received about 89,000 bpd oil and condensate from Iran, as the Indian conglomerate resumed purchases from Tehran after a six-year-long gap. Reliance is looking for long-term supplies from Iran." (Reuters, “Reliance March oil imports up 22 percent year-on-year,” 4/29/2016)

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"Reliance Industries Ltd, India's biggest oil refiner, said it is looking to buy more crude from Iran as the company seeks to rebuild ties to benefit from shorter shipping distances. The company had made small purchases from Iran in the current quarter and was currently engaged in talks for bigger supplies, indicating that it could also get into a long-term supply contract, said V Srikanth, Reliance's joint chief financial officer. 'We have had engagements with Iran before the sanctions and they have grades of crude that are attractive to us from where we are,' Srikanth said at a news conference on Friday. India is set to import at least 400,000 barrels per day (bpd) of Iranian oil in the year from April 1, with refiners looking to ramp up purchases after the sanctions targeting Tehran ended in January, sources had told Reuters. Iran was India's second biggest oil supplier before economic sanctions aimed at Iran's nuclear programme hampered its trade relations. Now, Indian buyers are being drawn back to Iran in part by freight discounts that increase as more barrels are purchased." (Reuters, “Reliance looking at long-term oil supplies from Iran,” 4/22/2016)

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"Open sources reported that Reliance Industries of India sold gasoline to Iran in 2009, but subsequently stopped in 2010." (U.S. Government Accountability Office, Report: "Firms Reported in Open Sources to Have Sold Iran Refined Petroleum Products between January 1, 2009 and June," September 3, 2010)

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"Reliance was one of the Iran's main suppliers of gasoline, but it stopped shipping to Iran in the spring of 2009, after members of Congress called for an investigation into loan guarantees provided by the United States Export-Import Bank to help Reliance expand a facility where it was refinancing petroleum for sale to Iran. Some Reliance gasoline has made it to Iran since, however, through third parties the company does not control."  From 2000-2009, the company was the recipient of $900 million US federal funds.  They have withdrawn their business from Iran. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

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"Due to limited refining capabilities, Iran imports approximately 40% of its domestic gasoline consumption. Iran is the second-largest importer of gasoline in the world. That gasoline is supplied primarily by five companies: the Swiss-Dutch energy trading giants Vitol and Trafigura, the Indian multinational Reliance Industries, the Swiss trader Glencore and the French energy firm Total." (The Wall Street Journal, "Hitting Tehran Where It Hurts," 7/13/09)

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"Because of a lack of domestic refining capacity, oil-rich Iran is dependent on gasoline imports to meet about 40 percent of domestic consumption. Iran gets most of its gasoline imports from the Swiss firm Vitol, the Swiss/Dutch firm Trafigura, France's Total, the Swiss firm Glencore and British Petroleum, as well as the Indian firm Reliance." (Agence-France Press, "US lawmakers target Iran gasoline imports," 6/23/09)

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"Members of Congress seeking to block U.S. support to an Indian company that provides gasoline to Iran have apparently scored a partial victory. The company, Reliance Industries Limited, plans to cease all future gas sales to Iran, according to an article in Indias Business Standard newspaper." (Congressional Quarterly Today, "Targeted Indian Gasoline Supplier Reportedly Will Halt Deliveries to Iran," 01/07/09)

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"In recent months, Iran has, according to the respected trade publication International Oil Daily and other sources including the U.S. government, purchased nearly all of this gasoline from just five companies, four of them European: the Swiss firm Vitol; the Swiss/Dutch firm Trafigura; the French firm Total; British Petroleum; and one Indian company, Reliance Industries." (The Wall Street Journal, "How To Put The Squeeze On Iran," 11/13/08)

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"India's Reliance Industries, widely believed to have stopped fuel sales to Iran, exported three cargoes to Tehran in January, trade sources said on Tuesday." (Reuters, "India's Reliance sent cargoes to Iran in Jan-sources," 02/03/09)

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