RELIANCE

Updates for mid-day trade

By Bharath Rajeswaran and Vivek Kumar M

Feb 20 (Reuters) - Indian share benchmarks overcame initial jitters and rose by the mid-day trading session on Friday, as heavyweight stocks clawed back some of the previous session's losses.

The Nifty 50 .NSEI added 0.54% to 25,592.6, and the BSE Sensex .BSESN rose 0.48% to 82,897.3, as of 12:11 p.m. IST. They had fallen about 0.3% at the open, extending a 1.5% decline in the previous session, their steepest single-day drop in over two weeks.

Fifteen of the 16 major sectors traded higher. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 added 0.1% and 0.5%, respectively.

"What we are seeing today is more of a tactical bounce from Nifty 50's 200-day simple moving average (SMA) of around 25,300 points," said Naveen Vyas, head of family office at Anand Rathi Global Finance.

Heavyweights Reliance Industries RELI.NS and ICICI Bank ICBK.NS rose 0.9% and 0.7%, respectively, on Friday, after a 2.2% and 1.4% drop in the previous session.

Meanwhile, the volatility index - a measure of the market's expected volatility for the next 30 days - spiked this week to 14.36, just shy of an eight-month high hit in the run-up to the federal budget on February 1.

This comes after Brent crude oil prices rose to $72 per barrel amid tensions in the Middle East. Higher crude prices are a negative for India as it is the world's third-largest crude oil importer. O/R

"We are still not out of the woods. If Brent crude surpasses $75 per barrell and stays at that level for a couple of months, that could put further pressure on Indian equities," said Vyas.

The IT index .NIFTYIT was the sole loser among major sectors, down 0.5% as ongoing concerns over the impact of AI-linked disruption on earnings continued to weigh.

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Rashmi Aich, Ronojoy Mazumdar and Harikrishnan Nair)

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By Chandini Monnappa and Praveen Paramasivam

Mumbai, Feb 17 (Reuters) - Reliance Industries RELI.NS-backed lingerie retailer Zivame plans to open 60 to 80 franchise-led stores over the next year, its chief operating officer said, as it looks to tap India's smaller cities for future growth.

Founded in 2011 as an online-only brand, Zivame has since expanded into physical stores and now runs 174 exclusive brand outlets. Reliance Retail took a stake in the company in 2021 as part of its wider push into apparel and innerwear.

Zivame is focusing on India's tier-2 and tier-3 cities for its next phase of growth, where demand is increasingly mirroring that of metro markets as social media accelerates adoption, COO Kiruba Devi said on the sidelines of a Retailers Association of India event in Mumbai.

She declined to give a regional revenue split but said the company turned profitable in the previous quarter, without elaborating because it now operates under a listed entity.

The brand, which is already available online in markets including the United States through Amazon and in the United Arab Emirates and Saudi Arabia via local partners, is also exploring overseas expansion through franchise arrangements, with an initial focus on Southeast Asia, Devi said.

"Southeast Asia would be the right place for us to immediately pitch in," she said, adding that Zivame is in talks and could launch a store in the region by the end of next year.

Zivame, which began as an online aggregator of lingerie brands, has expanded its product range to include shapewear, activewear and loungewear.

Devi said the company also plans to pilot an entry into kidswear, without giving further details.

(Reporting by Chandini Monnappa and Praveen Paramasivam in Mumbai; Editing by Dhanya Skariachan and Sonia Cheema)

(([email protected]; https://www.linkedin.com/in/chandini-monnappa-8a37b013b/;))

The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Shritama Bose

MUMBAI, Feb 16 (Reuters Breakingviews) - Mukesh Ambani's endless quest for scale in India may be the top challenge his advisors led by Kotak Mahindra Bank and Morgan Stanley face in trying to secure the tycoon's telecom operator a sought-after $170 billion valuation in its upcoming blockbuster initial public offering.

Demand for Jio Platforms stock will almost certainly be strong, not least because the company will end up as a constituent of the country's benchmark Nifty 50 Index .NSEI. Whether it deserves to be valued more richly than its top rival is less clear, however.

Size wise, Jio clearly trumps its top rival. Its 515 million total subscribers are more numerous than Bharti Airtel's BRTI.NS 466 million customers in India and its 25 million base of users for home broadband, which it's still rolling out, is nearly twice as large. Beyond that, things look less clear cut.

Ambani's firm is growing earnings before interest, tax, depreciation and amortisation at 17% year-on-year, impressive but slower than the 27% EBITDA increase at Airtel's India business. Profits at the duo are robust only because the tycoon's price wars tipped the sector into a quasi-duopoly over the past decade.

Jio's average revenue per user of 214 rupees ($2.36) a month also lags Airtel's 259 rupees. That's partly explained by the fact that Airtel calculates the metric only for subscribers who have made a payment in the last 30 days, while Jio includes its entire subscriber base. It underscores the company's focus on volumes.

That makes the two halves of the duopoly look more evenly matched. Yet a $170 billion valuation would equate to 42 times Jio's earnings for the year ending March 2027 according to estimates compiled by Visible Alpha. Airtel trades at around 30 times.

What's more, Ambani's next target is to dominate artificial intelligence services and reduce inferencing costs in India to the lowest in the world to make "AI available everywhere for everyone". That raises the prospects of more price wars.

To be sure, Reliance Industries RELI.NS executives are talking up a proprietary in-house technology stack. This, they say, cuts the company's reliance on foreign equipment, is drawing interest from global operators and will give Jio an edge in scaling up growth drivers; users pay more for broadband than mobile, and its enterprise solutions from cloud services to internet of things are at an early stage of adoption.

If Jio can realise these advantages, it may be able to pursue scale and deliver superior shareholder value. For now, though, with the company generating 89% of its operating revenue from plain old telecom services, bankers will be asking prospective investors to take a leap of faith.

Follow Shritama Bose on LinkedIn and X.

CONTEXT NEWS

Jio Platforms, the telecom unit of Reliance Industries, is preparing for a Mumbai initial public offering.

(Editing by Una Galani; Production by Aditya Srivastav)

((For previous columns by the author, Reuters customers can click on BOSE/[email protected]))

By Nidhi Verma and Jarrett Renshaw

NEW DELHI/WASHINGTON, Feb 13 (Reuters) - The United States has issued a general licence to India's Reliance Industries Ltd RELI.NS 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.

VENEZUELAN OIL TO REPLACE RUSSIAN SUPPLY

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.

Direct purchase of Venezuelan oil will help Reliance replace Russian oil in a cost-effective way, as heavy crude from Caracas is sold at a discount, said one of the sources.

President Donald Trump earlier this month removed a 25% punitive tariff on India and said New Delhi would buy more oil from the U.S. and potentially Venezuela.

Indian refiners, including Reliance, are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington.

The conglomerate used to be a regular buyer of Venezuelan oil for its advanced refining complex, but had to stop purchases in early 2025 due to U.S. sanctions. Reliance operates two refineries with a combined capacity of about 1.4 million barrels per day.

(Reporting by Nidhi Verma; Editing by Florence Tan and Saad Sayeed)

(([email protected]; X: @nidhi712;))

NEW DELHI, Feb 9 (Reuters) - India's top refiner, Indian Oil Corp IOC.NS and Hindustan Petroleum Corp HPCL.NS have together bought 2 million barrels of Venezuelan crude Merey from trader Trafigura for delivery in the second half of April, trade sources said.

The purchase of Venezuelan oil is the first by HPCL, with IOC having previously bought Venezuelan oil in 2024, data compiled by Reuters shows.

The pricing of Merey is linked to the Dubai benchmark and reflects similar rates at which Reliance Industries RELI.NS bought Venezuelan oil from trader Vitol, said one of the sources, who all spoke on condition of anonymity.

(Reporting by Nidhi Verma; Editing by Clarence Fernandez)

(([email protected]; X: @nidhi712;))

Repeats story with no changes to text

By Nidhi Verma

NEW DELHI, Feb 8 (Reuters) - Indian refiners are avoiding Russian oil purchases for delivery in April and are expected to stay away from such trades for longer, refining and trade sources said, a move that could help New Delhi seal a trade pact with Washington.

The U.S. and India moved closer to a trade pact on Friday, announcing a framework for a deal they hope to conclude by March that would lower tariffs and deepen economic cooperation.

Indian Oil IOC.NS, Bharat Petroleum BPCL.NS and Reliance Industries RELI.NS are not accepting offers from traders for Russian oil loading in March and April, said a trader who approached the refiners.

These refiners, however, had already scheduled some deliveries of Russian oil in March, refining sources said. Most other refiners have stopped buying Russian crude.

TRUMP SAYS INDIA 'COMMITTED' TO HALTING PURCHASES

The three refiners and the oil ministry did not respond to requests for comment. The trade minister on Saturday referred questions about Russian oil to the foreign ministry.

A foreign ministry spokesperson said: "Diversifying our energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy" to ensure energy security for the world's most-populous nation.

Although a U.S.-India statement on the trade framework did not mention Russian oil, President Donald Trump rescinded his 25% tariffs on Indian goods, imposed over Russian oil purchases, because, he said, New Delhi had "committed to stop directly or indirectly" importing Russian oil.

New Delhi has not announced plans to halt Russian oil imports.

India became the top buyer of discounted Russian seaborne crude after Russia invaded Ukraine in 2022, spurring a backlash from Western nations that had targeted Russia's energy sector with sanctions aimed at curtailing Moscow's revenue and making it harder to fund the war.

INDIA'S RUSSIAN-OIL IMPORTS A FRACTION OF 2025 LEVELS

One regular Indian buyer is Russia-backed private refiner Nayara, which relies solely on Russian oil for its 400,000-barrel-per-day refinery. Sources said Nayara may be allowed to keep buying Russian oil because other crude sellers pulled back after the European Union sanctioned the refiner in July.

Nayara also does not plan to import Russian crude in April due to a month-long refinery maintenance shutdown, a source familiar with its operations said.

Nayara did not respond to an email seeking comment.

Indian refiners may change their plan and place orders for Russian oil only if advised by the government, sources said.

Trump's order said U.S. officials would monitor and recommend reinstating the tariffs if India resumed oil procurement from Russia.

Sources said last month that India was preparing to cut Russian oil imports below 1 million bpd by March, with volumes eventually falling to 500,000–600,000 bpd, compared with an average 1.7 million bpd last year. India's Russian oil imports topped 2 million bpd in mid-2025.

The intake of Russian oil by India, the world's third-biggest oil consumer and importer, declined to its lowest level in two years in December, data from trade and industry sources show.

Indian refiners have been buying more oil from Middle Eastern, African and South American countries as they scale back Russian oil purchases.

(Reporting by Nidhi Verma; Editing by William Mallard)

(([email protected]; X: @nidhi712;))

Feb 5 (Reuters) -

• INDIA'S RELIANCE INDUSTRIES BUYS 2 MILLION BARRELS OF VENEZUELAN OIL FROM TRADER VITOL FOR APRIL DELIVERY -TRADERS

Further company coverage: RELI.NS

(([email protected];))

Adds background, J.P. Morgan note, Russian foreign ministry's comments in paragraphs 2, 7-8

Feb 4 (Reuters) - India's Russian oil imports slipped in January, continuing a downturn that began in December, as refiners sought more alternative barrels under Western sanctions pressure and ongoing U.S.–India trade talks, Reuters sources said and data showed.

Analysts and traders have said Moscow faces a steep decline in oil and gas revenue, which accounts for nearly a quarter of the Russian government's budget revenue, if Washington succeeds in persuading India to stop importing Russia's oil.

On Monday, U.S. President Donald Trump announced a trade deal with India to cut tariffs to 18% from 50% in exchange for New Delhi halting Russian oil purchases and lowering trade barriers.

Indian refiners have been redrawing crude import strategies in recent months to shift away from top supplier Russia and boost imports from the Middle East.

India imported 1.215 million barrels per day (bpd) of Russian crude in January, of which the Nayara refinery accounted for 0.41 million bpd, with IOC and BPCL taking 0.58 million bpd and 0.19 million bpd, respectively, while Reliance imported no Russian crude last month, according to provisional data from analytics firm Kpler.

India's Russian oil imports in January were down by some 12% on a daily basis from December, Reuters calculations showed. Those oil imports in December dropped about 22% from November to 1.38 million barrels per day.

"Our base case is that India will largely exit from sanctioned counterparties, but will maintain Russian imports at around 0.8–1.0 million bpd, accounting for 17–21% of total crude imports," J.P. Morgan said in a note.

RUSSIA UPBEAT ABOUT OIL TRADE WITH INDIA

Russia's foreign ministry said on Wednesday it had no reason to believe that India had reconsidered its approach to Russian oil imports following a trade deal that New Delhi struck with the U.S.

Indian refiners have not been told by the government to stop buying Russian oil and would need a wind-down period to complete purchases already in process, two refining sources said on Tuesday, following the trade deal with Washington.

India's Reliance Industries Ltd, operator of the world's largest refining complex, will buy up to 150,000 barrels per day of Russian oil from February for its domestic market-focused refinery, a company executive said last week.

The country's largest refiner overall, Indian Oil Corp, has committed to buying more Brazilian crude in the fiscal year starting April, after reducing Russian oil imports.

(Reporting by Reuters; Editing by Hugh Lawson and Paul Simao)

Adds foreign flows in paragraph 4

By Jaspreet Kalra and Bharath Rajeswaran

MUMBAI, Feb 3 (Reuters) - India's financial markets rallied sharply on Tuesday after a trade deal that cut U.S. tariffs on Indian goods to 18% from 50%, which investors said removed a key drag on the country's stocks, bonds and currency.

India's benchmark stock index, the Nifty 50 .NSEI, rose 2.5% and the rupee INR=IN strengthened by more than 1% to 90.2650 per dollar in early trading. The yield on the country's 10-year benchmark bond IN064835G=CC declined 5 bps to 6.72%.

The Nifty registered its best one-day gain since May 2025, while the rupee logged its best rally in more than seven years.

Foreign institutional investors (FII) turned net buyers of Indian stocks on Tuesday on U.S. trade deal cheer, with inflows at their highest since October 28 at 52.36 billion rupees, provisional data from India's National Stock Exchange showed.

HALT TO RUSSIAN OIL PURCHASES

U.S. President Donald Trump announced the deal on social media after a call with Indian Prime Minister Narendra Modi, noting that India had agreed to halt Russian oil purchases and lower trade barriers on U.S. exports.

While Trump's announcement was light on detail, an Indian government official said India had agreed to buy petroleum, defence goods and aircraft from the U.S., while partly opening its guarded agricultural sector.

Indian stock markets and the rupee have been battered since the tariffs were levied by Washington in late August, placing them among the worst-performing emerging market assets in 2025, with record foreign investor outflows.

The trade breakthrough was expected to alleviate the persistent drag, with investors expecting a bounceback in foreign sentiment and flows into Indian assets.

"A successful bilateral trade agreement should help enhance investor confidence, boost foreign investment and capital expenditure plans while strengthening the Indian rupee," said Marcella Chow, global market strategist at J.P. Morgan Asset Management.

The trade deal was also expected to lift a pall of geopolitical uncertainty that had accompanied the U.S.-India trade rift, keeping investors cautious about ploughing money into the country.

"The key tail risk of geopolitical isolation about which investors were concerned has now been adequately addressed by back-to-back trade deals with the European Union and United States," Citi economists said in a note.

US BREAKTHROUGH FOLLOWS TRADE DEAL WITH EU

The breakthrough with the U.S. arrives less than a week after India signed a long-awaited trade deal with the European Union that was expected to eliminate or reduce tariffs on 96.6% of traded goods by value.

Analysts at Jefferies expect Indian companies in the auto ancillary, solar manufacturing and chemicals sectors to be among the largest beneficiaries of the U.S.-India trade deal.

"The reduction of the U.S. tariff rate on most Indian goods will reinvigorate India’s export growth to the U.S.," credit rating agency Moody's said in a note.

India's exports to the U.S. rose 15.88% year on year to $85.5 billion in the January-November period while imports stood at $46.08 billion, Indian government data shows.

"Even though India has reduced its purchases of crude oil from Russia in recent months, it is unlikely to cease all purchases immediately, which could be disruptive to India’s economic growth," the note added.

Indian refiners will need a wind-down period to complete Russian oil deals before imports can be halted and they have yet to be ordered by the government to do so, two refining sources said on Tuesday.

Shares of Reliance Industries RELI.NS, the oil-to-telecoms conglomerate, were last up more than 4%, leading the advance in equities benchmarks.

(Reporting by Jaspreet Kalra in Mumbai and Bharat Rajeswaran in Bengaluru
Additional reporting by Hritam Mukherjee
Editing by Raju Gopalakrishnan, Alex Richardson and David Goodman
)

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Updates for market close

By Bharath Rajeswaran and Vivek Kumar M

Feb 2 (Reuters) - India's equity benchmarks advanced on Monday, led by gains in infrastructure stocks and bargain hunting in heavyweight Reliance Industries, as markets partially recovered from damage taken after the federal budget.

The Nifty 50 .NSEI rose 1.06% to 25,088.4, while the BSE Sensex .BSESN added 1.17% to 81,666.46. Intraday, the indexes swung between gains of 1.3% and losses of 0.6%.

The benchmark indexes fell about 2% on Sunday, marking their biggest budget-day percentage drop in six years, settling at the lowest levels seen since November.

"We see limited downside risk (for Nifty) after a 2% drop on Sunday," said analysts led by Seshadri Sen of Emkay Global Financial Services.

The budget continued to prioritise infrastructure and manufacturing while maintaining fiscal discipline, making Sunday's reaction a knee-jerk response, according to three analysts.

Sunday's sell-off was triggered by the proposal to hike the securities transaction tax on derivatives, higher-than-expected gross borrowing for fiscal year 2027 and the absence of cuts in capital gains tax or measures to attract foreign inflows.

"The impact on large institutional hedging strategies due to STT hike is likely to be limited," said Anand Gupta, lead portfolio manager of Indian equities at Allianz Global Investors.

"Historically, marginal increases in STT have not had a material impact on market participation, liquidity or hedging activity," he said.

Fourteen of the 16 major sectors logged gains on the day. The broader small-caps .NIFSMCP100 and mid-caps .NIFMDCP100 rose 0.6% and 1%, respectively.

Oil-to-telecom conglomerate Reliance Industries RELI.NS jumped 3.2% making it the biggest contributor to benchmark gains. The move marked a recovery from a 3.5% drop on budget day.

Traders piled into infrastructure major Larsen & Toubro's LART.NS shares, which rose 2.8%, boosted by the budget's focus on capital expenditure.

Shriram Finance SHMF.NS declined 3.2%, emerging as biggest loser on the Nifty 50 index on concerns that higher borrowing by the government would raise its funding costs.

(Reporting by Vivek Kumar M and Bharath Rajeswaran; Editing by Eileen Soreng, Harikrishnan Nair, Sonia Cheema and Ronojoy Mazumdar)

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By Aditi Shah and Dhwani Pandya

NEW DELHI, Feb 1 (Reuters) - India said on Sunday foreign companies using data centres built in the country to provide services to global clients will not face any taxes for doing so for more than 20 years, hoping to assuage concerns of possible tax liabilities on the sector.

Scores of data centres have been built in India in recent years, but lawyers told Reuters that foreign companies had been concerned that New Delhi could in future impose taxes on their global income for using a data centre located in the country.

Those concerns were set to rest by Finance Minister Nirmala Sitharaman in her 2026-27 budget speech, where she said India will "provide (a) tax holiday till 2047 to any foreign companies that provide cloud services to their customers globally, by using data centre services from India."

Vaibhav Gupta, partner at tax firm Dhruva Advisors, said: "This announcement helps in bringing clarity to foreign companies and lends stability in (their) tax position in India till 2047," noting foreign companies would no longer need to worry about potential taxes on their global income on the basis they use a data centre in India.

Google GOOGL.O said in October it will invest $15 billion in an AI data centre project in Andhra Pradesh state, while Microsoft MSFT.O and Amazon AMZN.O have poured billions into data centres in India. Indian conglomerates like Adani ADEL.NS and Reliance RELI.NS are also investing.

Amazon, Microsoft and Google did not immediately respond to requests for comment on the government's tax measure.

"Data centres will be a major strength for India through which we can provide new services to the world," IT minister Ashwini Vaishnav told reporters.

(Reporting by Aditi Shah in New Delhi and Dhwani Pandya in Mumbai; Additional reporting by Aditya Kalra in New Delhi, Haripriya Suresh, Sai Ishwar, Abhirami G in Bengaluru; Editing by David Holmes)

(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))

** Shares of India's Reliance Industries RELI.NS down 11.5% in January vs benchmark Nifty 50 index's .NSEI 3.4% decline

** RELI set for its worst month since March 2020

** Co will buy up to 150,000 barrels per day of Russian oil from February for its domestic market-focused refinery, a company executive said on Thursday

** Reliance was the biggest Indian buyer of Russian crude last year

** More than 5.35 million shares change hands by 1:50 p.m. IST vs 30-day avg of 11.9 mln shares

** RELI rated "buy" on avg by 34 analysts covering it; median PT at 1702 rupees - data compiled by LSEG

** In 2025, RELI gained 29%, outpacing benchmark Nifty 50's 10.5% rise

(Reporting by Komal Salecha in Bengaluru)

(([email protected]))

By Nidhi Verma

SOUTH GOA, India, Jan 29 (Reuters) - India's Reliance Industries Ltd RELI.NS, operator of the world's largest refining complex, will buy up to 150,000 barrels per day of Russian oil from February for its domestic market-focused refinery, a company executive said on Thursday.

Reuters earlier this month reported that Reliance was set to receive sanctions-compliant Russian oil in February and March after a one-month pause.

Reliance last received Russian crude in December after securing a one-month U.S. concession that allowed it to wind down dealings with the Russian oil producer Rosneft ROSN.MM beyond a November 21 deadline.

The U.S. imposed sanctions on Rosneft and fellow Russian oil giant Lukoil LKOH.MM in October but non-sanctioned Russian companies and trading intermediaries have continued sales.

Reliance would buy up to 150,000 barrels per day of Russian oil from February from sellers that are not under sanctions, the executive said on the sidelines of India Energy Week, declining to be named in line with his company's policy. He did not name the sellers and Reliance did not immediately respond to a Reuters request seeking comment.

Reliance was previously importing Russian crude under a long-term agreement with Rosneft for 500,000 barrels per day (bpd) for its 1.4 million-bpd Jamnagar refinery complex in Gujarat state.

The conglomerate also buys oil from Saudi Arabia and Iraq, among others, under term deals to meet its requirements at the Jamnagar refinery complex in Gujarat, and also purchases Canadian oil.

Reliance is also seeking U.S. approval to resume purchases of Venezuelan crude, Reuters reported earlier this month, as the private refiner looks to secure supplies with the move away from the biggest Russian oil companies.

(Reporting by Nidhi Verma; writing by Mayank Bhardwaj; editing by Philippa Fletcher)

(([email protected]; Twitter: @MayankBhardwaj9;))

Jan 28 (Reuters) - Oil and Natural Gas Corporation Ltd ONGC.NS:

• ONGC AND RELIANCE SIGN LANDMARK AGREEMENT TO SHARE DEEPWATER RESOURCES ON INDIA’S EAST COAST

• WILL PURSUE SHARING OF KEY RESOURCES REQUIRED FOR OFFSHORE OPERATIONS, WHICH MAY INCLUDE ONSHORE AND OFFSHORE PROCESSING

Source text: ID:nnAZN4S59JH

Further company coverage: ONGC.NS

(([email protected];;))

Adds context, details throughout

By Marianna Parraga and Jarrett Renshaw

HOUSTON/WASHINGTON, Jan 27 (Reuters) - U.S. officials are working to issue a general license soon that would lift some sanctions on Venezuela's energy sector, three sources familiar with the preparation said on Tuesday, a shift from a previous plan to grant individual exemptions to sanctions for companies seeking to do business in the country.

Following the U.S. capture of Venezuelan President Nicolas Maduro earlier this month, U.S. officials have 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.

Many partners and customers of state oil company PDVSA, including producers Chevron CVX.N, Repsol REP.MC and ENI ENI.MI, refiner Reliance Industries RELI.NS, and some U.S. oil service providers, have applied for individual licenses in recent weeks to expand oil output or exports from the OPEC member.

The volume of individual requests to the U.S. government has delayed progress on plans to expand exports and get investment moving quickly into the country, two of the sources said.

The U.S. Treasury Department, the White House and Venezuela's oil ministry did not immediately reply to requests for comment.

Under former U.S. President Joe Biden, a broad license exempted many companies from U.S.-imposed sanctions, allowing them to export Venezuela's oil. That facilitated higher crude production and exports until the first quarter of last year, when President Donald Trump began his second term.

Trump's administration revoked the authorization as a way to put pressure on Maduro, and ordered the companies to wind down transactions. In December, he also ordered a blockade of all sanctioned vessels going in or out of the country, reducing Venezuela's oil exports to 500,000 barrels per day that month, about half of the 2025 average.

Exports have recovered in recent weeks after trading houses Vitol and Trafigura received the first licenses to supply up to 50 million barrels of Venezuelan oil to the U.S. and other destinations.

A sweeping reform of Venezuela's main oil law that would also facilitate oil and gas investments, output and exports was approved in an initial vote last week and is expected to receive a final green light from the National Assembly as soon as next week, sources said on Tuesday.

(Reporting by Marianna Parraga, Jarrett Renshaw and Don Durfee; additional reporting by Timothy Gardner and Arathy Somasekhar. Editing by Simon Webb and Nia Williams)

(([email protected]; +1 713 371 7559; Reuters Messaging: @mariannaparraga))

Repeats story with no changes to text

By Nidhi Verma

NEW DELHI/MOSCOW, Jan 21 (Reuters) - India's Reliance Industries Ltd RELI.NS, operator of the world's largest refining complex, is set to receive sanctions-compliant Russian oil in February and March after a one-month pause, four sources familiar with the matter said.

Reliance last received Russian crude in December after securing a one-month U.S. concession that allowed it to wind down dealings with the sanctioned Russian oil producer Rosneft ROSN.MM beyond a November 21 deadline.

Like other Indian refiners, Reliance will buy Russian oil from non-sanctioned sellers, the sources said, without elaborating on the number of February and March cargoes that the refiner has booked.

It is not clear if the private refinery will continue to buy Russian oil beyond March.

Reliance did not respond to a Reuters email seeking comment.

REFINERS BOOST MIDDLE EAST CRUDE IMPORTS

Despite Reliance's return, India's overall Russian oil imports are expected to stay subdued through February and March, the sources added.

Reliance had been importing Russian crude under a long‑term agreement with Rosneft for 500,000 barrels per day (bpd) for its 1.4 million bpd Jamnagar refinery complex in Gujarat.

The European Union has said from January 21 it will not take fuel produced at refineries that received or processed Russian oil 60 days prior to the bill-of-lading date.

Reliance has said it will process the cargoes that arrived after November 20 at its India-focused 660,000 barrels per day plant, allowing it to continue selling fuels to the EU from its 704,000 bpd export-oriented refinery.

Refiners in India, which became the top buyer of discounted Russian seaborne crude following the 2022 outbreak of war in Ukraine, are recalibrating their crude import strategies, raising Middle Eastern purchases as they shift away from Russia.

"We have faced instances where sanctions were imposed suddenly and we had to cut back," Srinivas T, chief operating officer, refinery and marketing, at Reliance, said last week.

Reliance had ramped up purchases from national oil companies elsewhere ahead of time to avoid spot market disruptions, he said.

(Reporting by Nidhi Verma, reporters in Moscow; Editing by Emelia Sithole-Matarise)

(([email protected]; X: @nidhi712;))

By Nidhi Verma

NEW DELHI/MOSCOW, Jan 21 (Reuters) - India's Reliance Industries Ltd RELI.NS, operator of the world's largest refining complex, is set to receive sanctions-compliant Russian oil in February and March after a one-month pause, four sources familiar with the matter said.

Reliance last received Russian crude in December after securing a one-month U.S. concession that allowed it to wind down dealings with the sanctioned Russian oil producer Rosneft ROSN.MM beyond a November 21 deadline.

Like other Indian refiners, Reliance will buy Russian oil from non-sanctioned sellers, the sources said, without elaborating on the number of February and March cargoes that the refiner has booked.

It is not clear if the private refinery will continue to buy Russian oil beyond March.

Reliance did not respond to a Reuters email seeking comment.

REFINERS BOOST MIDDLE EAST CRUDE IMPORTS

Despite Reliance's return, India's overall Russian oil imports are expected to stay subdued through February and March, the sources added.

Reliance had been importing Russian crude under a long‑term agreement with Rosneft for 500,000 barrels per day (bpd) for its 1.4 million bpd Jamnagar refinery complex in Gujarat.

The European Union has said from January 21 it will not take fuel produced at refineries that received or processed Russian oil 60 days prior to the bill-of-lading date.

Reliance has said it will process the cargoes that arrived after November 20 at its India-focused 660,000 barrels per day plant, allowing it to continue selling fuels to the EU from its 704,000 bpd export-oriented refinery.

Refiners in India, which became the top buyer of discounted Russian seaborne crude following the 2022 outbreak of war in Ukraine, are recalibrating their crude import strategies, raising Middle Eastern purchases as they shift away from Russia.

"We have faced instances where sanctions were imposed suddenly and we had to cut back," Srinivas T, chief operating officer, refinery and marketing, at Reliance, said last week.

Reliance had ramped up purchases from national oil companies elsewhere ahead of time to avoid spot market disruptions, he said.

(Reporting by Nidhi Verma, reporters in Moscow; Editing by Emelia Sithole-Matarise)

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Jan 20 - By Ira Dugal, Editor Financial News, with global Reuters staff

Reliance Industries RELI.NS has had a rough start to the year, with a rare share-price slide in January and weaker-than-expected earnings, highlighting the pressures building across some of its key businesses.

What is the outlook for the stock of India's most valuable company? That's our focus this week. Write to us at [email protected]

And, India plans to open up the defence sector to larger foreign investment. Scroll down for that Reuters exclusive report.

THIS WEEK IN ASIA

*Japan's snap election and tax pledge keep nation's finances in spotlight

*Indonesia's rupiah hits record low on central bank independence worries

*China curbs ‘flash boys’ access to exchange data, sources say

*As US orders fade, Chinese salespeople face tough grind in new markets

*Dozens missing after massive Karachi mall fire, 21 killed

TESTED BY GEOPOLITICS

Mukesh Ambani’s Reliance, which has a market value of 19.12 trillion rupees ($210.42 billion), has slumped about 10% so far in 2026, a rare early-year drop that has weighed on the benchmark Nifty 50 .NSEI, which is down roughly 2%. The last time the stock dropped more in any January was in 2011.

The fall, including a 3% decline after the company reported weaker-than-expected quarterly earnings, reflects complications in its refining business due to geopolitical tensions, intensifying competition in its retail operations, and investor caution ahead of the planned listing of its telecoms unit.

The company faces "headwinds" from loss of Russian crude in its export-focused refinery and higher freight costs in its core oil-to-chemicals business, Jefferies said in a January 16 note.

But it could potentially resume purchases of Venezuelan oil, defraying the loss of Russian barrels, the brokerage said.

Reliance cut imports of Russian oil by 32.4% in December, the lowest level since February 2024, under pressure from Western sanctions, data analysed by Reuters journalist Nidhi Verma showed. The company's Russian imports are likely to be low in January too. Click here for that story.

The company has said it is in talks with the U.S. to permit purchases of oil from Venezuela.

Despite these challenges, the business continues to report strong financials.

Factors working in its favour include strong volume growth and fuel cracks - the difference between the price of refined products and the crude used to produce them - Mumbai-based brokerage BOB Caps said.

Fuel retailing volumes via the Jio-BP joint venture are also expanding, it added.

RETAIL REVENUE GROWTH LAGS

Where the earnings disappointed most was in the retail business, Reliance Retail, which was dragged down by India's shifting consumer preferences.

Reliance Retail reported a 9% growth in net revenue, lower than the 13% for competitor Avenue Supermarts AVEU.NS, and blamed this partly on a shift in festival dates and a demerger of its consumer products division.

Its margins also declined due to discounts offered in the festival season and investments made in quick commerce.

India's fast-changing consumer market has seen attention shift from traditional stores to online shopping and now quick commerce where deliveries within minutes have sparked opportunity and risks.

The company told analysts this business is already margin- positive as Reliance leverages its extensive store network to deliver electronics, fashion, and groceries, creating a unique omnichannel advantage.

The quick-commerce business, where Zomato, run by Eternal ETEA.NS, Swiggy SWIG.NS and Walmart's WMT.O Flipkart are big players, recently came under fire for promoting 10-minute deliveries that critics have argued put delivery staff at risk.

Read here to catch up on the controversy.

Jefferies analysts also red-flagged Reliance's fast-moving consumer goods business where too many brands may mean it is spreading itself "too thin".

While the retail business seems to be some distance away from a listing, the public offering of the telecoms unit Jio Platforms appears imminent.

The government has given the green light for a minimum float of 2.5% for a public listing, clearing the way for large IPOs including Jio's.

Despite the pressures, analysts still see upside to the Reliance Industries stock in 2026, with only 2 of 34 analysts on LSEG listing it as a sell. The median price target on the stock is 1,700 rupees per share, a 20% upside from current levels.

MARKET MATTERS

A ruling by India's top court in a tax case related to U.S. investment firm Tiger Global's sale of shares in Flipkart to Walmart in 2018 has spooked global investors who have poured $180 billion into India via the tax haven of Mauritius.

Read details of the judgement here and don't miss this analysis on its implications for investors.

The ruling comes at a time when India has seen a sharp drop in portfolio and strategic investments from overseas, a decline that the market regulator is trying to reverse through a series of steps.

THIS WEEK'S MUST-READ

India plans to make it much easier for foreign firms to invest in defence companies, Reuters journalists Nikunj Ohri and Sarita Chaganti Singh reported.

Foreign firms may be permitted to pick up 74% in Indian firms with government approval, and tough conditions related to technology transfers may be lifted.

Read the details here.

($1 = 90.6663 Indian rupees)

(Reporting by Ira Dugal; Editing by Muralikumar Anantharaman)

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Jan 19 (Reuters) - Indian refiners' crude throughput rose by 6.5% month-on-month in December to 5.62 million barrels per day (23.77 million metric tons), provisional government data showed on Monday.

Refinery throughput in November was at 5.27 million barrels per day (22.31 million metric tons).

On a year-on-year basis, refinery throughput gained 11.6% in December.

India's fuel consumption hit a monthly record in December, with demand rising 2.4% from September to 21.75 million metric tons, oil ministry data showed on January 6.

The country is the world's third-biggest oil importer and consumer.

The U.S. could raise tariffs on India if New Delhi does not meet Washington's demand to curb purchases of Russian oil, President Donald Trump said earlier this month.

Reliance Industries RELI.NS cut imports of Russian oil by 32.4% in December from the previous month to 310,200 barrels per day, the lowest level since February 2024.

Reliance, the biggest Indian buyer of Russian crude last year, is not expecting any Russian crude oil deliveries in January and was seeking U.S. approval to resume purchases of Venezuelan crude, two sources familiar with the matter said.

Russia-backed Indian refiner Nayara Energy Ltd meanwhile continued to import only Russian oil in December, the fifth month in a row, at about 371,000 barrels per day, a decline of 2.2% over November, data from trade and industry sources showed.

REFINERY PRODUCTION IN TERMS OF CRUDE THROUGHPUT (in 1,000 tons):

Source: Ministry of Petroleum and Natural Gas

IOC: Indian Oil Corp IOC.NS

BPCL: Bharat Petroleum Corp Ltd BPCL.NS

HPCL: Hindustan Petroleum Corp Ltd HPCL.NS

CPCL: Chennai Petroleum Corp Ltd CHPC.NS

MRPL: Mangalore Refinery and Petrochemicals Ltd MRPL.NS

Reliance Industries Ltd RELI.NS

Please note that CPCL's CBR refinery is de-commissioned under shutdown due to limitation in meeting required product specifications with the existing configuration.

(Reporting by Pablo Sinha in Bengaluru; Editing by Ronojoy Mazumdar)

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Jan 16 (Reuters) - Reliance Industries Ltd RELI.NS:

• RELIANCE INDUSTRIES - RAPIDLY PROGRESSING ON GIGAFACTORIES FOR BESS CONTAINERS AND CELL MANUFACTURING UNITS

• RELIANCE INDUSTRIES - SIGNIFICANT PROGRESS ON INTEGRATED SOLAR GIGAFACTORIES – MODULE AND CELL COMMISSIONED

• RELIANCE INDUSTRIES - OIL DEMAND TO GROW BY 0.9 MB/D IN CY26 LED BY CHINESE STOCK BUILDS AND INDIA DEMAND

• RELIANCE INDUSTRIES - LIMITED NEW REFINING CAPACITY ADDITION, CLOSURES, UNPLANNED OUTAGES MAY SUPPORT MARGINS

• RELIANCE INDUSTRIES-OVERCAPACITY IN ASIA WITH STARTUP OF NEW CRACKERS TO WEIGH ON NEAR-TERM MARGINS

Source text: ID:nBSE6gG3Gl

Further company coverage: RELI.NS

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By Aditya Kalra and Munsif Vengattil

NEW DELHI, Jan 15 (Reuters) - Billionaire Mukesh Ambani's telecom company is among those urging the government to act over what they describe as monopolistic practices at Gautam Adani's new Mumbai airport, saying the facility is blocking operators from providing mobile connectivity, according to a letter seen by Reuters.

Adani-run Navi Mumbai International Airport denied the allegations, but the dispute highlights the growing rivalry between India's two richest men, whose conglomerates increasingly compete across sectors from green energy to data centres.

The airport, located on Mumbai’s outskirts, began operations in December after being inaugurated by Prime Minister Narendra Modi. It is the latest addition to Adani’s portfolio of eight airports, with plans for more.

Within days of opening, passengers complained on social media about poor or non-existent mobile coverage and raised privacy concerns after spotting billboards offering free airport Wi-Fi.

TELECOM OPERATORS DEMAND ACCESS TO AIRPORT INFRASTRUCTURE

A January 13 letter from Cellular Operators Association of India to India's government states Adani's airport must grant access to install equipment as required by Indian regulations for public entities, which includes airports, and that a denial has created a "monopolistic bottleneck".

In its statement, Navi Mumbai International Airport said it had deployed “state-of-the-art solutions” and that operators could partner with an entity managing the airport’s in-building network infrastructure.

COAI, which represents Ambani's Reliance Jio, Bharti Airtel BRTI.NS and Vodafone Idea VODA.NS, said it had no comment beyond the letter, which is not public.

The companies and the Telecom Regulatory Authority of India, did not respond to Reuters queries.

PASSENGER DISTRESS: 'WE CAN'T CALL PEOPLE'

Jio leads India's telecom market with over 500 million subscribers, followed by Airtel at 314 million and Vodafone at nearly 128 million.

Online, passengers have voiced frustration that the airport’s Wi-Fi cannot be accessed without mobile coverage because login requires a one-time password sent via WhatsApp.

"You'll be thankful to see free Wi-Fi banners, thinking you can at least book cabs now. You go to the Wi-Fi network and try to log in, but it requires an OTP (one time password)," X user adarsxh_baab wrote on Jan. 13.

Adani's statement added that when network coverage is left to individual operators, they often provide "sub-optimal coverage" in sensitive areas such as baggage handling zones.

COAI also said the airport is demanding around $102,000 per operator each month - nearly $5 million annually for four carriers - to use its centralised network, an allegation Adani denied.

"We can't call people, pay for cabs or even book anything. If you're a solo traveller it's hell," X user Srihita Vanguri wrote on the platform on Sunday.

(Reporting by Aditya Kalra and Munsif Vengattil, Editing by Louise Heavens)

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Updates for morning trade

By Bharath Rajeswaran

Jan 13 (Reuters) - India's stock benchmarks inched lower on Tuesday, as a drop in Reliance Industries and profit-taking in TCS and HCLTech after the IT services firms' quarterly results weighed on sentiment.

The Nifty 50 .NSEI fell 0.1% to 25,766.7, while the Sensex .BSESN shed 0.09% to 83,803.86, as of 10:24 a.m. IST.

Both benchmarks had opened about 0.4% higher.

They rose 0.4% each on Monday after declining for five consecutive sessions, as expectations grew that India-U.S. trade talks could regain momentum after a U.S. envoy said that New Delhi and Washington would discuss trade issues in a call later in the day.

While expectations of progress in trade talks spurred a rally in the last session, "U.S. President Donald Trump's weaponisation of tariffs continues to weigh on markets," said V.K. Vijayakumar, chief investment strategist at Geojit Investments.

Oil prices rose as unrest in Iran fanned fears for supplies, while Trump warned that any country doing business with Iran will be hit by a 25% tariff. O/R

Higher oil prices negatively impact importers of the commodity, such as India. O/R

Reliance Industries RELI.NS fell 1.1%, after rising 0.5% on Monday. The oil-to-telecom conglomerate had lost 7.4% last week after the company said it does not expect any Russian crude oil deliveries.

IT index .NIFTYIT fell 0.4%, dragged by HCLTech HCLT.NS and TCS TCS.NS, which fell 2% and 0.1%, respectively.

HCLTech posted a third-quarter revenue beat but narrowed FY26 growth guidance to 4%–4.5% from 3%–5%, indicating a fourth-quarter sequential decline on product business seasonality, CLSA said.

Nomura sees limited visibility for TCS on growth leadership and flat margins in FY27.

Ten of the 16 major sectors logged losses. The broader small-caps .NIFSMCP100 rose 0.5% and mid-caps .NIFMDCP100 lost 0.2%.

Top private lender HDFC Bank HDBK.NS rose 0.6% after CLSA reiterated its "Outperform" rating, as concerns over moderate deposit growth and the loan-to-deposit ratio are misconceived.

(Reporting by Bharath Rajeswaran and Vivek Kumar M in Bengaluru; Editing by Sumana Nandy and Rashmi Aich)

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By Dmitry Zhdannikov, Marianna Parraga and Shariq Khan

LONDON, Jan 12 (Reuters) - Global oil trading houses have emerged as early winners in the race to control Venezuelan crude flows, getting ahead of U.S. energy majors wary of credit and legal risks and securing a potentially lucrative business opportunity in the country with the world's largest crude reserves.

U.S. President Donald Trump said U.S. majors would invest billions of dollars in Venezuela to quickly rebuild its dilapidated oil sector following the U.S. capture of President Nicolas Maduro earlier in January. Trump met top oil executives at the White House on Friday as his administration outlines a long-term plan to raise $100 billion to boost Venezuelan oil output.

The first companies to secure any business in the wake of the U.S. military action in Caracas, however, were Dutch-based trader Vitol and Singapore-headquartered peer Trafigura, rather than U.S. majors.

The U.S. government tapped the giant merchant houses because they were better suited to quickly get Venezuelan oil exports flowing again, four industry sources familiar with the negotiations said. That is the first order of business for Washington before reconstruction can begin, so that revenue from exports under U.S. supervision can fund the government of interim President Delcy Rodriguez in Caracas.

"Securing and marketing the initial barrels of Venezuelan crude oil was done at record speed to benefit both the American and Venezuelan people," a White House official told Reuters.

Venezuela relies on oil exports for revenue, and has been starved of those proceeds for about a month under a blockade Trump imposed as he raised pressure on Maduro.

Washington and Caracas are finalizing a $2 billion deal to sell up to 50 million barrels of crude to U.S. refiners and other buyers - oil that had been stuck on ships in Venezuelan waters and in storage tanks because of the blockade.

Facilitating the initial oil sales was critical to ensure funds could flow back into Venezuela for everyday services and a process is in place to maintain the steady flow of production, sales, and refining of Venezuelan crude oil, the White House official said.

Trafigura and Vitol have secured preliminary special licenses to negotiate and export the Venezuelan crude, and Trafigura is set to load its first cargo this week, Chief Executive Richard Holtum said at the White House meeting with Trump.

GLOBAL NETWORK ADDED TO TRADERS' APPEAL

The trading houses competed with Chevron CVX.N to secure the supply deals. Chevron is the only U.S. oil major that operates in Venezuela, as a minority partner in joint ventures with Venezuelan state oil firm PDVSA. Chevron has a license from U.S. authorities, which exempts it from the sanctions the United States had imposed to choke off oil revenues to Maduro.

Trafigura is among the very few companies that can execute a deal of this size and complexity thanks to its scale, global shipping fleet and logistics network, Trafigura said.

Vitol said it has a long history of working on complex transactions requiring agile logistics, operations and finance.

The traders also won the Venezuelan oil export deals because they have a higher risk tolerance and are more nimble than major publicly traded oil companies, said three participants at the White House meetings.

Legal teams and advisors have discouraged some big U.S. oil producers from getting involved in the initial oil shipments due to the potential for Venezuelan creditors to seize the revenue, one of the sources said.

"How can it be guaranteed that creditors will not resort to legal action in the U.S. or elsewhere?," said one advisor to a U.S. oil company on Venezuelan affairs.

The U.S. government told the trading companies it would provide protection by controlling the bank accounts linked to the sales and shielding proceeds from creditors, three sources familiar with the matter said.

Trump moved quickly on Friday to do that. He issued an executive order blocking courts and creditors from impounding revenue from the sale of Venezuelan oil held in U.S. Treasury-controlled accounts, the White House said on Saturday.

Venezuela owes more than $150 billion in foreign debt. Among creditors are the same oil companies that Trump wants to help rebuild Venezuela's industry. ConocoPhillips COP.N and Exxon Mobil XOM.N are still trying to recover almost $14 billion related to asset expropriations 20 years ago.

INVEST AND REBUILD

Trump and his team have told the oil companies they need to invest and rebuild the sector first, and that any debt repayment would come later.

U.S. oil companies would also be more reluctant to take the compliance risk involved in selling oil from tankers that have been blacklisted by Washington for their involvement in sanctioned oil trade, three shipping sources said.

Many vessels in the shadow fleet that ship sanctioned oil are old and have unknown or outdated insurance arrangements and safety certifications, which are required for entry into many ports. They do not meet the stringent chartering requirements of big U.S. oil companies, two of the sources said.

Another factor that may have contributed to U.S. majors' reluctance for more involvement in short-term oil trade is their investment in China, one source said. The majors have tens of billions of dollars invested in China.

Beijing has condemned the U.S. action in Venezuela. China is among Venezuela's largest creditors, and PDVSA has been servicing that debt by paying with oil shipments.

Most of the $2 billion of oil in the deal being finalized was initially set for shipment to Chinese refiners. Chinese independent refiners have been the top buyers of Venezuelan crude since the U.S. imposed sanctions on the country's main traders in 2020.

Big U.S. oil companies want to see the U.S. lift sanctions on oil trade and for Venezuela to enact the legal framework that would make it attractive for them to work with Venezuelan entities and invest in the country.

EXXON CEO CALLS VENEZUELA 'UNINVESTABLE'

At the White House meeting with Trump, Exxon CEO Darren Woods called Venezuela "uninvestable" and said security guarantees and a reform of its hydrocarbon law were needed before Exxon could return to the country. Venezuela had twice expropriated Exxon's assets in the past, Woods said.

Trump on Sunday said he might block Exxon from investing in Venezuela. "I didn't like Exxon's response," he said.

Conoco CEO Ryan Lance said at the same meeting that his company was the largest non-sovereign creditor, with some $12 billion in pending compensation for expropriation of assets. Trump told Lance the U.S. would not look back at what had previously been lost in the country.

Under the framework of their new deals, the trading houses would also supply lighter oil to Venezuela that it needs to dilute its heavy oil for exports, two sources said. Vitol were set to load the first cargo of that fuel this past weekend, oil industry sources said on Saturday.

(Reporting by Dmitry Zhdannikov and Jonathan Saul in London, Marianna Párraga and Arathy Somasekhar in Houston, Shariq Khan in New York and Jarrett Renshaw in Washington DC; writing by Liz Hampton; editing by Simon Webb, Diane Craft and Jason Neely)

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Repeats story with no changes to text

By Nidhi Verma

NEW DELHI, Jan 8 (Reuters) - India's Reliance Industries Ltd RELI.NS, operator of the world's largest refining complex, said on Thursday it would consider buying Venezuelan oil if it is permitted for sale to non-U.S. buyers.

"We await clarity on access for Venezuelan oil by non-U.S. buyers and will consider buying the oil in a compliant manner," a spokesperson at Reliance Industries said in an emailed response to Reuters' queries.

State-run refiners Indian Oil Corp IOC.NS and Hindustan Petroleum Corp HPCL.NS will also consider buying Venezuelan oil if sales are allowed to non-U.S. companies, industry sources said.

The two companies did not immediately respond to Reuters' requests for comment.

RELIANCE STOPPED BUYING VENEZUELAN OIL LAST YEAR

Caracas and Washington reached a deal this week to export up to $2 billion worth of Venezuelan crude, some 30-50 million barrels, to the United States, after U.S. forces captured President Nicolas Maduro on January 3.

Reliance stopped buying Venezuelan oil from March 2025 as President Donald Trump announced a 25% tariff on nations buying crude from the South American producer. The conglomerate received its last Venezuelan oil cargo in May last year.

Reliance's two refinery complexes in western Gujarat state, with a combined capacity of about 1.4 million barrels per day of crude oil, allow it to process cheaper and heavier crudes such as Venezuela's Merey.

"If Venezuelan barrels re-enter global markets, they are likely to come at a discount, improving feedstock optionality and economics for compatible refiners, even if volumes remain limited," said Sumit Ritola, lead research analyst, refining and modelling at Kpler.

AN ACCEPTABLE ALTERNATIVE TO RUSSIAN ENERGY?

India's HPCL-Mittal Energy, Nayara Energy, IOC, and Mangalore Refinery and Petrochemicals MRPL.NS have also imported Venezuelan oil in the past, LSEG trade flows show.

Ritola said Venezuelan oil offered India a 'politically acceptable diversification option' to Russian oil.

India has faced pressure from Western nations to curb Russian oil purchases after Moscow's invasion of Ukraine on concern oil revenue may be financing Russia's war effort.

The United States last year doubled tariffs on Indian goods to 50%, citing India’s heavy buying of Russian crude.

A Republican Senator said on Wednesday that Trump had 'greenlit' legislation aimed at sanctioning countries doing business with Russia.

While some state refiners and Nayara Energy are expected to continue importing Russian oil, Reliance has said it would not receive Russian oil in January. The decision could sharply cut India's Russian oil imports during the month to the lowest in years.

"We’ve already seen that Reliance has reduced its intake of Russian crude, which indicates refiners are willing and able to adapt when compliance or trade risks rise," Ritola said.

(Reporting by Nidhi Verma, Editing by Louise Heavens and Bernadette Baum)

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LONDON, Jan 8 (Reuters) - The West African crude market saw more Angolan cargoes finding buyers on Thursday, although rising freight rates could weigh on cargo values.

* Around 10 Angolan cargoes were left for February, a trader said.

* On Tuesday, only half of the 29 crude oil cargoes for February had found buyers.

* In another sign that demand might be picking up, Nigeria's Forcados was offered at around dated Brent plus $3.00, slightly higher from between plus $2.60 and $2.80 quoted at the end of December.

* Freight rates were however rising, the trader added, which could weigh on pricing.

* In the wider market, Nigeria's anti-graft agency will press ahead with a probe into the former head of the downstream oil regulator Farouk Ahmed, even after billionaire Aliko Dangote's lawyers withdrew a petition that triggered the investigation, a spokesperson said on Thursday.

(Reporting by Seher Dareen in London; Editing by Andrew Heavens)

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