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Click on the top to follow us India's Reliance Industries plans to use naphtha supplies as partial payment for crude purchases from Venezuela after the refiner obtained a U.S. approval last month to resume oil trade with the sanctioned producer, three sources aware of the contract terms said. One source said Reliance will pay dollars for the balance of the crude purchase. The company was forced to stop direct purchase from Venezuela in April due to a re-imposition of sanctions but in July, Washington authorized Reliance to import crude from Venezuela. Reliance had re-submitted a request to the U.S. in May. Reliance, which operates the world's biggest refining complex, plans to supply naphtha, a refined product, from the U.S. to partly pay for its Venezuelan oil purchases, the sources said. The arrangement is similar to past Reliance trades with Venezuela's state company PDVSA, according to PDVSA's exports and imports records. Venezuela needs naphtha as a diluent for its heavy crude.
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