U.S. Secretary of State Marco Rubio is set to engage with India’s Reliance Industries to increase its processing of Venezuelan crude oil and potentially explore oil production opportunities in Venezuela. Speaking in Mumbai, Rubio emphasized the importance of expanding cooperation with Reliance, which operates the Jamnagar refining complex in Gujarat, one of the largest refining facilities globally.
Reliance Industries, known for its technical capacity to handle heavy oil grades, has previously processed Venezuelan crude. The company’s Jamnagar refineries have a combined processing capacity of approximately 1.4 million barrels of crude oil per day. While Reliance imports Venezuelan oil, it does not currently have production operations in the South American country. Rubio indicated that discussions would address potential challenges and opportunities for Reliance to increase its involvement in Venezuela’s oil sector, including production activities.
Rubio’s visit to India comes amid ongoing efforts between Washington and New Delhi to finalize a trade agreement. The U.S. administration recently waived potential additional tariffs related to India’s purchases of Russian crude oil, aiming to facilitate progress in trade negotiations. However, this decision has faced criticism from some U.S. lawmakers advocating for stronger economic measures against Russia in response to its actions in Ukraine. The administration plans to review its tariff policies in the coming weeks.
During his visit, Rubio is also scheduled to meet with senior Indian government officials, including External Affairs Minister S. Jaishankar, and business leaders such as Reliance Industries Chairman Mukesh Ambani. These discussions underscore the broader context of U.S.-India trade relations and energy cooperation.
India, which imports more than 85% of its crude oil requirements, is keen to secure diverse and reliable energy supplies to support its growing economy. The expanded purchase of Venezuelan crude could offer additional supply options for Indian refiners, while potential investments by Reliance in Venezuelan oil production could open new avenues for bilateral energy cooperation.
The talks reflect Washington’s strategic efforts to strengthen commercial ties with India while simultaneously exploring opportunities for U.S. companies and international partners in Venezuela’s energy sector.