RIL abandons gas sales to Iran

NEW DELHI, Dec. 1 (UPI) -- India-based energy giant Reliance Industries Ltd. placed restrictions on its hydrocarbon exports to prevent products from entering the Iranian market.

RIL announced it had abandoned its gasoline sales to Iran in April. It had sold its hydrocarbon products to Iran in 2008 from its refineries in Jamnagar in the western India state of Gujarat.

RIL placed instructions on the fuel it sells to international gasoline traders that stipulates the product cannot enter the Iranian market. The restrictions are in place so RIL can escape U.S.-based sanctions in its attempt to acquire chemicals company LyondellBasell, the Economic Times of India reports.

U.S. lawmakers have backed tightened sanctions on companies involved in the Iranian energy sector as punishment for a controversial nuclear program.

RIL still purchases crude oil from Iran. The Times said there was no truth, however, to rumors circulating that RIL is still supplying gasoline to Iran.