China replaces supply by Reliance and others to Iran
The mounting global pressure, especially from the US has forced several companies, including Reliance and Russia’s LUKOIL, have stopped selling gasoline to Iran. But the place has been quickly occupied by those from China. Several US lawmakers – both from the House of Representatives and the Senate – had in the past had raised question over Reliance’s business ties with Iran and had urged the Export Import Bank to rescind loan guarantees to Reliance.
“India’s Reliance has been a major supplier of gasoline to Iran. However, in January 2009, Reliance reportedly agreed to terminate gasoline sales to Iran once its current contractual obligations expire,” said a latest report of the Congressional Research Service (CRS). CRS is the independent and bipartisan research wing of the US Congress that prepares periodic report for US lawmakers on issues of their interest.
“Previously, some members of Congress called on the US Export-Import Bank to rescind two loan guarantees worth US $ 900 million authorised to RIL, in support of RIL’s petroleum refinery equipment and services (US $ 500 million) and for gas development and exploration in India’s Bay of Bengal region (US $ 400 million),” the report said. In fact, Reliance is not the only company to have terminated its gasoline supplies to Iran, the CRS report said.
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