Reliance Industries
India's largest company; sole buyer of Iranian crude under General License U.
Last refreshed: 2 April 2026
Why is Reliance the only company buying Iranian oil?
Latest on Reliance Industries
- Why is Reliance buying Iranian oil?
- Reliance maintained rupee-based settlement from pre-2019 trade with Iran. GL-U authorises the commodity but not banking; only Reliance has the workaround to settle payments.Source: background
- How big is Reliance's Jamnagar refinery?
- 1.4 million barrels per day, the world's largest single-location refinery, at Vadinar in Gujarat, India.Source: quick_facts
- Who owns Reliance Industries?
- Mukesh Ambani, India's richest person. His father Dhirubhai Ambani founded the company.Source: quick_facts
Background
Reliance Industries took delivery of 600,000 barrels of Iranian crude at its Vadinar refinery in Gujarat via the sanctioned tanker PING SHUN, the first Iranian oil to reach India since May 2019.
Founded by Dhirubhai Ambani and now led by his son Mukesh Ambani, Reliance operates the Jamnagar complex at Vadinar: the world's largest single-location refinery at 1.4 million barrels per day. The company maintained rupee-based settlement mechanisms from pre-2019 Iranian trade, making it the only refiner capable of executing a purchase under General License U.
Reliance's position as sole buyer gives it extraordinary leverage: it can name its price for Iranian crude that has no other legal destination. If GL-U expires on 19 April without renewal, Reliance exits and Iran's last functioning crude export channel closes.
