{"id":87491,"date":"2026-02-16T00:00:00","date_gmt":"2026-02-16T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/mena-india\/2026\/02\/16\/this-afternoon-reliance-secures-us-nod-for-venezuelan-crude-saudis-eram-links-up-with-bel\/"},"modified":"2026-02-16T00:00:00","modified_gmt":"2026-02-16T00:00:00","slug":"this-afternoon-reliance-secures-us-nod-for-venezuelan-crude-saudis-eram-links-up-with-bel","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/mena-india\/2026\/02\/16\/this-afternoon-reliance-secures-us-nod-for-venezuelan-crude-saudis-eram-links-up-with-bel\/","title":{"rendered":"THIS AFTERNOON: Reliance secures US nod for Venezuelan crude; Saudi\u2019s Eram links up with BEL"},"content":{"rendered":"

Good afternoon, readers.<\/strong> Today\u2019s issue is dominated by AI headlines as the India AI Impact Summit kicks off in New Delhi. Global tech leaders, heads of state, policymakers, and investors are convening to discuss the future of AI as India pitches itself as an investment hub. A Blackstone<\/strong>-led consortium is investing USD 1.2 bn in AI cloud startup Neysa.<\/strong><\/p>\n

ALSO- Reliance<\/strong> has secured a US license to directly buy Venezuelan<\/strong> oil. Across the pond, Saudi Arabia\u2019s Eram Holdings has joined hands with an India defense firm. Let\u2019s dive in.<\/p>\n

Watch this space <\/p>\n

<\/a> OIL WATCH \u2014<\/strong> Reliance<\/strong> Industries, India\u2019s largest refiner, will<\/strong> directly purchase Venezuelan crude<\/strong> after securing a general license from the US Treasury Department, Bloomberg<\/a> reports. Reliance was the largest buyer of Russian crude and has increased MENA supplies in recent months. <\/p>\n

A supply cushion: <\/strong>The approval comes as India recalibrates its oil sourcing following a trade agreement with the US on the condition that New Delhi halts imports of marked-down Russian crude. The government has asked refiners to consider<\/a> buying more oil from Venezuela and the US in the spot markets.<\/p>\n

Why it matters: <\/strong>While Venezuelan output remains constrained, access provides a strategic fallback for Reliance, one of the few Indian refiners capable of processing heavy and sour crude. The company previously sourced up to 400k bbl \/ d from Venezuela before US sanctions halted flows in 2019. Given that Venezuela has limited supplies to offer, the volumes are unlikely to replace MENA supplies, which command a significant share of India\u2019s crude mix. <\/p>\n

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<\/a> DEFENSE<\/strong> \u2014<\/strong> Saudi Arabia\u2019s <\/strong>Eram Holdings<\/a><\/strong> has signed a <\/strong>strategic agreement with India\u2019s state-run defense electronics manufacturer <\/strong>Bharat Electronics<\/a><\/strong> (BEL) to cooperate on defense and aerospace technologies in Saudi Arabia, Zawya<\/a> reports.<\/p>\n

Scope of the agreement: <\/strong>The MoU covers joint manufacturing, technology transfer, research and development, and contract manufacturing across land, naval, and airborne systems. Eram Power Electronics Company will support the localization and system integration of BEL\u2019s equipment in the Kingdom.<\/p>\n

Context: <\/strong>BEL is a public-sector undertaking under India\u2019s Defense Ministry and supplies electronic systems to the Indian armed forces. The agreement aligns with Saudi Arabia\u2019s plan to localize 50% of its military spending. <\/p>\n

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<\/a> INVESTMENT WATCH \u2014<\/strong> US<\/strong>-based investment firm <\/strong>KKR<\/a><\/strong> could deploy USD 20 bn in India over the next decade<\/strong>, The Economic Times<\/a> reports, citing company co-founder Henry Kravis. The firm has invested more than USD 13 bn in India over the past two decades, including about USD 9 bn in the last five years. <\/p>\n

Why it matters: <\/strong>KKR\u2019s long-term commitment to India highlights the growing investment window for Gulf capital allocators, including co-investment windows. KKR manages USD 744 bn in global assets and invests in India across private equity, infrastructure, and private credit. <\/p>\n

The pattern:<\/strong> Last year, Abu Dhabi Investment Authority (Adia) joined hands with US private equity firm Warburg Pincus, investing up to USD 877 mn in IDFC FIRST Bank<\/a>. Warburg Pincus is also partnering with Mubadala to acquire a majority stake in Mumbai-based Encube Ethicals for USD 1.8 bn<\/a>.<\/a> BlackRock has also expressed interest in investing in India alongside Gulf sovereigns<\/a>. <\/p>\n

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The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n

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YOU\u2019RE READING EnterpriseAM MENA <> India, your C-suite briefing on the movement of trade, investment, people, and ideas along one of the world\u2019s most exciting corridors. Every Monday, Wednesday, and Friday at 2:30 pm UAE, we dive deep into the business, finance, economy, and policy headlines and trendlines that will move markets and set the tone for your day. <\/p>\n

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\n

Data point<\/p>\n

I<\/strong>NR<\/strong> 1 tn (USD 11.04 bn) <\/strong>\u2014 That is the amount of customs duty India may <\/strong>forgo in FY 2027 (ending in March) due to preferential tariffs under <\/strong>freetrade<\/strong> agreements <\/strong>signed to date, Business Standard<\/a> reports. Revenue forgone stood at INR 985.7 bn (USD 10.7 bn) in FY 2026, well above estimates. <\/p>\n

Context: <\/strong>The revenue impact is forecasted to be highest for tariffs collected from the Association of Southeast Asian Nations at USD 4.46 bn in FY 2027, with whom India already runs a massive trade deficit<\/a>. This is followed by Japan (USD 1.24 bn), South Korea (USD 1.19 bn), and the UAE (USD 1.01 bn). <\/p>\n

\n

The big story abroad<\/p>\n

The Netflix-Paramount-Warner Bros dance is back in the news<\/strong> after Bloomberg<\/a> broke the news that Warner Bros Discovery is mulling a renewed hostile bid from Paramount Skydance which could potentially nix a prior agreement with Netflix. Paramount has vowed to pay the termination fee \u2014 at USD 2.8 bn \u2014 owed to Netflix if the streaming giant\u2019s bid is turned down, as well as backstop Warner Bros\u2019 debt refinancing. Netflix\u2019s bid of USD 27.75 per share for Warner Bros\u2019 namesake studio and HBO Max streaming business was accepted late last year<\/a>.<\/p>\n

ALSO WORTH NOTING THIS MORNING- <\/strong>The automotive industry is reeling from a USD 65 bn<\/a>hit<\/a> following a sweeping reversal of US climate policy. The downturn has disproportionately affected the companies that wagered the most on EVs, with global automotive player Stellantis being hit the hardest after suffering a USD 26 bn write down.<\/p>\n

AND- <\/strong>The CHF has appreciated recently \u2014 driven by geopolitical turmoil and the greenback\u2019s recent dip \u2014 against the EUR and USD and is undermining<\/a> the competitiveness of Swiss exporters. The haven currency has already recorded a 3% rise in 2026 and has especially pressured small and medium-sized companies, trade associations have said. Switzerland\u2019s exported goods and services make up more than 70% of its GDP.<\/p>\n

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Circle your calendar<\/p>\n

Check out our full calendar on the web<\/strong> for a comprehensive listing of upcoming news events, national holidays, and news triggers.<\/p>\n","protected":false},"excerpt":{"rendered":"

Plus: KKR eyes USD 20 bn India investment plan over next decade<\/p>\n","protected":false},"author":1,"featured_media":87492,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2403],"tags":[2414,2795,2462,2409,2402,2741,2555,2771,2898,2401],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-87491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-artificial-intelligence","tag-crude","tag-defense","tag-energy","tag-enterpriseam-india","tag-foreign-investment","tag-india-saudi-arabia-relations","tag-oil-gas","tag-venezuela-oil","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"b096afb5-0414-4a91-a7ac-ce844a0f949a","order":"2","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2026\/2\/1023.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Reliance secured US license for Venezuelan crude; 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