Stop aid to RIL: US Congressmen to EXIM bank

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Reliance Industries
Washington, Dec 21: Reports suggest that a group of US Congressmen have asked the country's Export-Import Bank (Ex-Im Bank) to suspend $900 million worth assistance to Reliance Industries (RIL), until the Mukesh Ambani-led Indian group stops business with Iran.

Congressman Brad Sherman said in a statement issued in Washington that he along with a group of House members have sent a letter to the Ex-Im president asking the bank to suspent assistance for RIL, till it agrees to stop selling gasoline to Iran. The letter also asks the President to see that projects it support does not be against the US national interests.

In 2008, the Ex-Im bank has approved two separate loan guarantees worth $900 million, including a $400 million package. RIL is one of the major supplier of refined petroleum products to Iran. Some reports suggest that Reliance has at times provided as much as 30 pc of oil-rich Iran's need for imported refined petroleum products.

By March 2009 RIL's susidiary RPL is set to fully commission its 580,000 barrels per day only-for-exports refinery at Jamnagar, along with its existing 660,000 barrels per day facility. With that it would become the world's largest single location refinery.

Brad Sherman said, "I very much support the Export-Import Bank's mission of supporting US exports. However, we must ensure that when we provide assistance, the corporate recipients are not doing business with our enemies."

OneIndia News (With inputs from Agencies)

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