U.S. Secretary of State Marco Rubio is seeking to strengthen energy cooperation between the United States and India by encouraging Reliance Industries to increase its involvement in Venezuelan oil production and refining. During a visit to Mumbai, Rubio plans to discuss with Reliance officials the possibility of expanding operations at the Jamnagar refining complex, one of the largest in the world, to process more Venezuelan crude oil.
Reliance Industries, which operates two refineries in Jamnagar with a combined capacity of about 1.4 million barrels per day, has previously processed Venezuelan crude. However, the company does not currently have oil production operations in Venezuela. Rubio’s discussions with Reliance aim to explore potential obstacles and opportunities for the company to enhance its role in Venezuela’s oil sector, including the resumption of production activities.
This initiative is part of broader efforts to solidify U.S.-India trade relations amid ongoing negotiations for a trade agreement. Recently, the U.S. administration waived potential additional tariffs related to India’s purchase of Russian crude oil, a move that may facilitate progress in the trade talks. The decision has faced criticism from some U.S. lawmakers who advocate for stronger economic pressure on Russia due to its involvement in Ukraine.
Rubio’s visit to India also includes meetings with senior government officials, such as External Affairs Minister S. Jaishankar, and business leaders, including Reliance Industries chairman Mukesh Ambani. The discussions are expected to cover a range of topics, with a focus on enhancing bilateral energy cooperation to meet India’s growing energy needs.
India relies heavily on imported crude oil, accounting for over 85% of its requirements. By increasing its purchases of Venezuelan crude and exploring investment opportunities in Venezuelan oil production, India could diversify its energy supply sources. This move not only supports India’s energy demands but also aligns with Washington’s strategy to explore opportunities in Venezuela’s energy sector for U.S. companies and international partners.