SEE THE UPDATE BELOW: The latest on the chavista front is that Reliance, Mukesh Ambani’s energy company, is set to lift four shipments in August, in addition to 1MB lifted in early July. Sources informed this site that Reliance obtained an OFAC license from the U.S. Treasury to trade with PDVSA. A call made to the Treasury to verify was replied with an explanation that only the licensee(s), or their legal advisor, can obtain information about their own license(s): information cannot be disclosed to third parties.
This indicates a shift in the Treasury’s sanctions regime against chavismo and PDVSA. As previously reported, the Spanish company Repsol and the Italian firm ENI have continued to lift crude oil from PDVSA. In July, Repsol is scheduled to lift 2 MB of Merey; ENI another 2MB, according to PDVSA’s shipping line. This suggests that neither of these companies seems to be affected or bothered by OFAC sanctions.
Reliance is ramping up its activities, which could mean that it has obtained OFAC approval.
However, Reliance is not the only new player: a shell company named SHAMRIUM (I loved that it includes “sham” in its name) has made its first appearance. It is being serviced by local SEMAFERCA, the favorite maritime agents of Alex Saab.
UPDATED 10:33 GMT – A source familiar with U.S. Treasury sanctions against Venezuela reached out to deny that Reliance has obtained an OFAC license.