Reliance Industries Denies Buying Iranian Crude Oil
Reliance Industries denied reports that it purchased 5 million barrels of Iranian oil. The company issued a statement on Thursday to reject the claims.
In a statement released on Thursday, the prominent conglomerate Reliance Industries operating in India addressed recent rumors regarding its energy imports. The firm clarified that it has not secured any crude oil shipments from Iran, despite earlier reports suggesting a significant transaction had taken place.
The controversy began following claims reported by Reuters that the company had purchased 5 million barrels of oil after the United States granted a temporary waiver for such imports. While the energy sector remains under scrutiny, related entities such as S-Oil Corporation and industrial firms like Reliance Steel & Aluminum Co. are also being watched by investors for any shifts in trade policy.
Reliance Industries Limited categorically rejects recent media reports that the company has purchased crude oil of Iranian origin.
The clarification comes after the company initially declined to comment on the matter earlier this week. The firm's firm denial aims to put an end to speculation regarding its compliance with international trade regulations and its current sourcing strategy.
