AUGUST 20248RELIANCE SECURES APPROVAL FROM USA TO RESUME OIL TRADE WITH VENEZUELASUZUKI SEES INDIA'S AUTOMOBILE INDUSTRY GROWING FIVEFOLD BY 2047Reliance Industries has secured US approval to resume importing oil from Venezuela despite White House sanctions on the country, according Oil and Natural Gas Corporation (ONGC) has intensified operations to increase gas production Automobile market, electric vehicles, Industry OutlookKenichi Ayukawa, Executive Vice President of Suzuki Motor Corp, stated that India's Automobile market is expected to hit 20 million units by 2047, primarily due to the promising expansion of battery electric vehicles.Initially, Maruti Suzuki India, a subsidiary of the Japanese car manufacturer, aims to achieve a market share to people familiar with the development. India's largest privately owned refiner plans to start purchasing Venezuelan crude soon, with Reliance having accounted for around 90 percent of India's crude imports from Venezuela after sanctions were lifted last year, based on data from Kpler, a data intelligence firm.The US Treasury and Reliance Industries have not publicly commented on this development. Washington temporarily removed restrictions on Venezuela's gold and oil sectors last year to support a deal for free and fair elections signed by President Nicolas Maduro and the opposition. However, sanctions were reinstated in April after Venezuela failed to honor the agreement. Since then, oil companies have been applying for permits from the US Treasury Department to continue their operations in Venezuela.Venezuela's crude exports increased to 654,000 barrels a day in June, the highest since April 2020, following a specific license granted by the US for continued drilling despite the sanctions. Besides Reliance, India's state-owned Oil and Natural Gas Corp.'s overseas investment arm, ONGC Videsh, has also applied for waivers to import crude from Venezuela. of 50 percent by 2030, up from approximately 40 percent for the fiscal year ending in March. "We're confident that the Indian market will expand in the mid to long term," Ayukawa said in an interview.Since 1983, the Hamamatsu-based manufacturer has been successful in India, the emerging economic powerhouse with a growing middle class, by becoming the best-selling automaker with popular models like Swift and Brezza. Suzuki plans to launch its debut electric vehicle in India and Europe next year to maintain its top position, following the showcasing of the mass production model at the upcoming auto expo in India in January, as stated by Ayukawa."We'll develop products, invest and expand our network," Ayukawa said.The Society of Indian Automobile Manufacturers reported that 4.2 million passenger vehicles were sold in India in the fiscal year ending in March. To provide context to that figure and Ayukawa's forecast, the United States sold 3.1 million passenger cars last year, while Europe had 15 million in unit sales. According to the International Organization of Motor Vehicle Manufacturers, China holds the title of being the biggest car market globally, with 26 million sales of passenger vehicles. TOP STORIES
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