Reliance Rejects Iranian Oil Cargoes Over Compliance
Reliance rejected two Iranian oil cargoes for failing to meet compliance rules. The decision comes days before a U.S. sanctions waiver expires this Sunday.
The Indian refining giant RELIANCE INDUSTRIES LIMITED has rejected two shipments of crude oil from Iran as a critical deadline for sanctions relief approaches. The decision follows a statement from the United States Treasury Department confirming that temporary waivers, which allowed for the purchase of Iranian and oil from Russia to curb price volatility, will expire this Sunday. These waivers were originally implemented to stabilize markets following military escalations between the U.S. and Israel.
While the government of India had previously granted permission for Reliance to engage with five specific sanctioned tankers, the company has opted not to proceed with the Derya or the Lenore. Ship-tracking data indicated that the Derya, an Iranian-flagged vessel carrying 2 million barrels of crude, had been anchored near the Sikka port. Reliance has since clarified its position regarding the non-compliant shipments.
