Reliance Industries

Energy
900
BSE: 500325
India

[email protected]

"The company was reported as potentially purchasing Iranian crude. In 2018 CalPERS designated the company as under review. In 2019 CalPERS changed the designation to “being monitored” because CalPERS’ initial screening has not identified the company as having involvement in the regions and/or activities targeted by the Act. CalPERS has maintained the company in “monitor” status for 2020. CalPERS continues to monitor the company for possible changes in status relevant to the Act."

--

"Reliance Industries Ltd. has reportedly started purchasing Iranian crude after a six-year hiatus. Reliance Industries Ltd. had previously been removed from the Iran-related securities list. In 2017, CalSTRS designated Reliance Industries Ltd. as “Under Review” for potentially having new ties to Iran. In 2018, CalSTRS designated Reliance Industries as “Being Monitored.” While the company has announced they plan to halt purchases of Iranian crude, India was one of eight countries receiving a sanction waiver that has since expired. CalSTRS has maintained the “Being Monitored” status in 2020 while confirming the company's compliance with current sanctions."

--

Reliance Industries Ltd. had previously been removed from the Iran-related securities list. In 2017, CalSTRS designated Reliance Industries Ltd. as “Under Review” for potentially having new ties to Iran. In 2018, CalSTRS designated Reliance Industries as “Being Monitored”. While the company has announced they plan to halt purchases of Iranian crude, India was one of eight countries receiving a sanction waiver. CalSTRS maintained the "being monitored" designation in 2019

--

In 2018 CalPERS designated the company as under review. In 2019 CalPERS changed the designation to “being monitored” because CalPERS’ initial screening has not identified the company as having involvement in the activities targeted by the Act. CalPERS will continue to assess and/or monitor the company for possible changes in status relevant to the Act.

--

"India’s Reliance Industries Ltd, owner of the world’s biggest refining complex, is planning to halt oil imports from Iran, two sources familiar with the matter said, in a first sign that new U.S. sanctions are forcing buyers to shun oil purchases from Tehran." (5/30/2018)

--

In 2017 the U.S. state of California listed Reliance Industries Ltd as a company under review for reportedly started purchasing Iranian crude after a six-year hiatus. 

--

"For the year, the world's third biggest oil consumer bought about 473,000 barrels per day (bpd) of oil from Iran to feed expanding refining capacity, up from 208,300 bpd in 2015, the data showed... Indian refiners Reliance Industries, Hindustan Petroleum, Bharat Petroleum and HPCL-Mittal Energy Ltd (HMEL) last year resumed imports from Tehran, attracted by the discount offered by Iran." (Reuters, "India's 2016 Iran Oil Imports Hit Record High - Trade," 1/13/2017).

--

“India's purchases of Iranian oil fell 4.1 percent in September, slipping from August when imports from Tehran hit their highest in at least 15 years, according to ship tracking data and a report compiled by Thomson Reuters Oil Research and Forecasts... and 69,000 bpd imported by Reliance Industries Ltd…”(Reuters, "India's Sept Iran oil imports fall 4.1 percent on Aug - shipping data," 10/12/2016).

--

"Open sources reported that Reliance Industries of India sold gasoline to Iran in 2009, but subsequently stopped in 2010." (U.S. Government Accountability Office, Report: "Firms Reported in Open Sources to Have Sold Iran Refined Petroleum Products between January 1, 2009 and June," September 3, 2010)

--

"Reliance was one of the Iran's main suppliers of gasoline, but it stopped shipping to Iran in the spring of 2009, after members of Congress called for an investigation into loan guarantees provided by the United States Export-Import Bank to help Reliance expand a facility where it was refinancing petroleum for sale to Iran. Some Reliance gasoline has made it to Iran since, however, through third parties the company does not control."  From 2000-2009, the company was the recipient of $900 million US federal funds.  They have withdrawn their business from Iran. (The New York Times, "Profiting from Iran, and the US," 3/6/2010)

--

"Due to limited refining capabilities, Iran imports approximately 40% of its domestic gasoline consumption. Iran is the second-largest importer of gasoline in the world. That gasoline is supplied primarily by five companies: the Swiss-Dutch energy trading giants Vitol and Trafigura, the Indian multinational Reliance Industries, the Swiss trader Glencore and the French energy firm Total." (The Wall Street Journal, "Hitting Tehran Where It Hurts," 7/13/09)

--

"Because of a lack of domestic refining capacity, oil-rich Iran is dependent on gasoline imports to meet about 40 percent of domestic consumption. Iran gets most of its gasoline imports from the Swiss firm Vitol, the Swiss/Dutch firm Trafigura, France's Total, the Swiss firm Glencore and British Petroleum, as well as the Indian firm Reliance." (Agence-France Press, "US lawmakers target Iran gasoline imports," 6/23/09)

--

"Members of Congress seeking to block U.S. support to an Indian company that provides gasoline to Iran have apparently scored a partial victory. The company, Reliance Industries Limited, plans to cease all future gas sales to Iran, according to an article in Indias Business Standard newspaper." (Congressional Quarterly Today, "Targeted Indian Gasoline Supplier Reportedly Will Halt Deliveries to Iran," 01/07/09)

--

"In recent months, Iran has, according to the respected trade publication International Oil Daily and other sources including the U.S. government, purchased nearly all of this gasoline from just five companies, four of them European: the Swiss firm Vitol; the Swiss/Dutch firm Trafigura; the French firm Total; British Petroleum; and one Indian company, Reliance Industries." (The Wall Street Journal, "How To Put The Squeeze On Iran," 11/13/08)

--

"India's Reliance Industries, widely believed to have stopped fuel sales to Iran, exported three cargoes to Tehran in January, trade sources said on Tuesday." (Reuters, "India's Reliance sent cargoes to Iran in Jan-sources," 02/03/09)

No response at this time.