U.S. Secretary of State Marco Rubio is set to engage with India’s Reliance Industries in discussions aimed at boosting the processing of Venezuelan crude oil and exploring opportunities for resuming oil production in Venezuela. Rubio, speaking in Mumbai, expressed his intention to expand cooperation with Reliance, which owns the Jamnagar refining complex in Gujarat, one of the world’s largest refining facilities equipped to handle heavy Venezuelan crude.
Reliance Industries, with its two Jamnagar refineries, can process approximately 1.4 million barrels of crude oil daily. Although the company imports Venezuelan oil, it does not currently have production operations in Venezuela. The discussions with Reliance will focus on identifying potential obstacles and opportunities for increasing its involvement in Venezuela’s oil sector, which might include production activities.
Rubio’s visit to India aligns with ongoing efforts by the United States and India to finalize a trade agreement. Recently, the U.S. administration waived potential additional tariffs related to India’s purchases of Russian crude oil, a decision seen as facilitating trade negotiations. However, this move has drawn criticism from some U.S. lawmakers advocating for stronger economic measures against Russia due to its conflict in Ukraine. The administration plans to review its tariff policies in the upcoming weeks.
During his visit, Rubio is also scheduled to meet with India’s External Affairs Minister S. Jaishankar, Reliance Industries Chairman Mukesh Ambani, and other senior government and business leaders. These meetings represent a broader agenda of strengthening U.S.-India trade relations and energy cooperation.
India’s dependence on imported crude oil to support its growing economy is significant, with more than 85% of its requirements sourced from abroad. Expanding purchases of Venezuelan crude could offer Indian refiners additional supply options, while potential investments by Reliance in Venezuelan oil production might foster further bilateral energy cooperation.
The ongoing discussions underscore Washington’s efforts to bolster commercial ties with India while seeking new opportunities for U.S. companies and international partners in Venezuela’s energy sector.