PDVSA and Reliance resume oil swap under US license, document shows

Venezuela's state oil company PDVSA and India's Reliance Industries have resumed an oil swap that had been paused due to U.S. sanctions on the South American country, an internal PDVSA document seen on Thursday showed.

The exchange follows a U.S. license in July authorizing the trade. A supertanker carrying about 1.9 million barrels of Venezuelan Merey heavy crude departed earlier this month for India's Sikka port, while a unit of Reliance delivered a 500,000-barrel cargo of heavy naphtha to PDVSA this month in exchange, according to the document.

PDVSA and Reliance did not immediately reply to requests for comment.