Reliance denies trading in Iraqi crude inglobal market

Mumbai, Nov16 | Updated: Nov 18 2005, 03:41am hrs
Reliance Industries Limited (RIL) on Wednesday clarified that it had purchased Iraqi crude oil at the then prevailing international oil prices and had not traded any quantities of the crude in the international market.

The company also denied any payment or commitment to pay surcharge to anybody under Iraqs Oil-for-Food programme.

While refuting the allegations made in a complaint filed by an activist with the Enforcement Directorate, New Delhi, relating to the purchase of Iraqi crude, Reliance in a statement, said, The complaint, based on conjectures and surmises, appears to be an attempt to drag RILs name into controversies with which it is not concerned in any way and with an intention to falsely malign the company for reasons best known to the complainant, said the statement.

The statement further said, between April 2000 and May 2002, RIL bought 30.6 million barrels of Basrah light crude from various trading companies on a negotiated, market competitive price based on declared official selling prices approved by the UN. It also got direct allocation from State Oil Market Organisation of government of Iraq and bought 2.8 million barrels of Basrah light crude oil directly from SOMO.