New Delhi, May 7 (KNN) Indian oil refining giant Reliance Industries has resubmitted an application to the United States government requesting authorisation to import crude oil fr0m sanctions-targeted Venezuela, according to three sources familiar with the matter.

If approved, this would allow Reliance to legally resume oil trade with the major OPEC producer, which was once the second-largest destination for Venezuelan crude exports prior to U.S. sanctions, Reuters reported.

Separately, French oil and gas company Maurel & Prom announced on Monday that it has received a two-year license fr0m U.S. authorities to conduct petroleum operations in Venezuela. This marks the first such authorisation issued by Washington under the newly re-imposed sanctions exemptions it offered last month.

The developments come after the U.S. opted in April not to renew a general license permitting Venezuela to export oil and fuel shipments to selected international markets. Companies were given a 45-day window to wind down existing transactions.

However, U.S. officials signalled that certain individual authorisations would be granted to foreign firms seeking to engage in Venezuelan oil business.

The recent moves represent a shift in the enforcement of U.S. sanctions originally imposed on Venezuela's oil industry in 2019 in response to concerns over the Maduro government's failure to uphold democratic election commitments.

A temporary easing of those sanctions in October had enabled some nations like India to resume limited Venezuelan crude purchases, often routed through third-party intermediaries.

Prior to the sanctions, Reliance Industries ranked as the second-largest individual importer of Venezuelan crude after China's CNPC. Since October, Reliance has chartered at least one supertanker for direct loadings fr0m Venezuelan state oil company PDVSA and also received cargoes fr0m third parties, according to internal PDVSA documents reviewed by Reuters.

Maurel & Prom's CEO Olivier de Langavant welcomed their newly granted license, stating it "gives us clear visibility for the future" as the company aims to boost oil production fr0m its joint venture with PDVSA.

While the U.S. government has received numerous license applications fr0m energy firms interested in the Venezuelan market in recent years, it has approved only a limited number, including a key authorisation for U.S. major Chevron.

(KNN Bureau)