RIL rejects reports of buying Iranian crude, calls claims baseless Reliance Industries Limited on Thursday denied media allegations that it had purchased crude oil from Iran, describing the claims as baseless and misleading. In a statement, the company clarified that it had not engaged in any such transactions and urged media outlets to verify facts before publishing reports. The statement came in response to recent media coverage that had suggested the company had acquired Iranian crude, which sparked controversy in the energy sector. The allegations were first reported by Reuters, which cited three sources familiar with the matter. According to the report, Reliance Industries, which operates the world’s largest refining complex, had purchased approximately 5 million barrels of Iranian crude oil. This purchase occurred days after the U.S. temporarily eased sanctions on Iranian oil, allowing certain transactions to proceed under a 30-day waiver. The waiver applied to oil cargoes loaded on vessels, including tankers subject to sanctions, on or before March 20 and discharged by April 19. The U.S. administration’s decision to issue the waiver was part of a broader effort to manage the global oil market amid geopolitical tensions. The report noted that other Asian refiners, including Indian state-run companies, were evaluating whether they could take advantage of the limited waiver window to purchase Iranian oil. However, a senior executive at China’s Sinopec stated that the company had no intention of buying Iranian crude, highlighting the cautious approach many firms were taking. The situation has raised questions about the implications of U.S. sanctions policy on international energy trade.#us #iran #reliance_industries_limited #sinopec #reuters
India’s state-run refiners are delaying purchases of US-permitted Iranian oil despite a recent sanctions waiver, citing unresolved logistical, financial, and regulatory challenges that outweigh the short-term benefits. A Bloomberg report highlights that while the U.S. granted a one-month waiver allowing countries to buy Iranian crude already en route, Indian refiners remain skeptical. The waiver’s narrow 30-day window is seen as insufficient to finalize contracts, conduct due diligence, secure financing, arrange insurance, and execute deliveries. Any delay risks exposing buyers to sanctions if shipments extend beyond the waiver period. Logistical bottlenecks further complicate matters. Marine insurance, critical for high-value cargoes, remains uncertain due to global insurers’ reluctance to underwrite Iranian shipments. Many operate under Western regulatory frameworks and fear the waiver could expire mid-voyage, leaving tankers vulnerable to port rejections. Financial hurdles also persist, as Iran’s limited access to global banking systems—particularly the SWIFT network—creates ambiguity about payment mechanisms. Questions linger over currency choices, compliant intermediaries, and potential scrutiny, slowing the due diligence process. This uncertainty has intensified after a five-year gap in Iranian trade. The absence of a clear government framework in India has amplified caution. Refining executives have expressed that official guidance or policy support would make such purchases more viable. Without it, companies must independently assess legal and operational risks, fostering a risk-averse stance. This hesitation mirrors similar caution in other Asian markets, such as China, where state-owned Sinopec has also avoided Iranian shipments due to the narrow delivery window.#us #iran #india #bloomberg #sinopec
