India's Reliance wins US licence for Venezuelan oil

NEW DELHI/WASHINGTON, Feb 13 (Reuters): The United States has issued a general licence to India's Reliance Industries Ltd that will allow the refiner to buy Venezuelan oil directly without violating sanctions, two sources familiar with the matter said.

Following the U.S. capture of Venezuelan President Nicolas Maduro earlier this month, U.S. officials said Washington would ease sanctions imposed on Venezuela's energy industry to facilitate a $2 billion oil supply deal between Caracas and Washington and an ambitious $100 billion reconstruction plan for the country's oil industry.

A general licence authorises the purchase, exportation, and sale of Venezuelan-origin oil that has already been extracted, including the refining of such oil.

Handing a licence to Reliance could speed up Venezuela's oil exports and reduce crude costs for the operator of the world's biggest refining complex.

Reliance, which applied for the licence in early January, did not respond to an email request for comment. The U.S. Office of Foreign Assets Control did not immediately respond outside of regular business hours.

Earlier this month, Reliance bought 2 million barrels of Venezuelan oil from trader Vitol, which was granted, along with Trafigura, U.S. licences to market and sell millions of barrels of Venezuelan oil after Maduro's capture.