US Secretary of State Marco Rubio is set to encourage India’s Reliance Industries to increase its involvement in the Venezuelan oil sector. In a speech delivered in Mumbai, Rubio outlined plans to discuss expanding cooperation with Reliance, which operates the Jamnagar refining complex in Gujarat, one of the largest refining facilities globally. The Indian conglomerate has previously processed Venezuelan crude and possesses the technical capacity to handle its heavy oil grades.
Reliance’s twin Jamnagar refineries boast a combined processing capacity of approximately 1.4 million barrels of crude oil per day. Although Reliance imports Venezuelan oil, it currently does not engage in oil production activities within Venezuela. Rubio’s discussions are expected to explore potential challenges and opportunities for Reliance to increase its footprint in Venezuela’s oil sector, including possible ventures into production activities.
Rubio’s visit occurs amidst ongoing efforts by Washington and New Delhi to finalize a trade agreement. Recently, the US administration waived potential additional tariffs related to India’s purchase of Russian crude oil, a move that could facilitate progress in trade negotiations. This decision has faced criticism from some US lawmakers advocating for stronger economic pressure on Russia due to its actions in Ukraine. The administration has indicated an upcoming review of its tariff policies.
During his stay in India, Rubio is scheduled to engage with senior government officials, including External Affairs Minister S. Jaishankar, and business leaders, such as Mukesh Ambani, chairman of Reliance Industries.
India, which imports over 85% of its crude oil to support its growing economy, prioritizes access to diverse and reliable energy supplies. Expanded purchases of Venezuelan crude could provide Indian refiners with additional supply options, while potential investments by Reliance in Venezuelan production could offer further opportunities for bilateral energy cooperation.
The discussions reflect Washington’s efforts to strengthen commercial ties with India while exploring opportunities for US companies and international partners in Venezuela’s energy sector.