The Mukesh Ambani-led Reliance Industries (RIL), bowing to US pressure, has decided to halt gasoline supplies to Iran after completing its ongoing contract. However, RIL officials refused to comment on the development, according to a media report.
This decision to halt supplies to Iran follows a letter written by eight US Congressmen to that country’s Export-Import Bank (Exim Bank) asking it to immediately suspend all financial assistance to RIL until the company agrees to stop selling gasoline to Iran.
The Exim Bank had provided two separate loan guarantees worth $900 million, including a $400-million loan by JPMorgan in August. The loan was for funding RIL’s expansion programme, the report added.
The company has now diverted supplies to other regions, including Europe and the US, the report stated.