U.S. Secretary of State Marco Rubio is set to encourage India’s Reliance Industries to expand its processing of Venezuelan crude oil and explore new opportunities for oil production in Venezuela. Speaking in Mumbai on Tuesday, Rubio highlighted plans to discuss expanding cooperation with Reliance, which operates the Jamnagar refining complex in Gujarat, one of the world’s largest refining facilities. While Reliance has previously processed Venezuelan crude oil, it currently does not have production facilities in Venezuela.
Rubio’s discussions with Reliance will focus on potential obstacles and opportunities for the company to increase its involvement in Venezuela’s oil sector. This could include exploring production activities in the South American nation, where the company imports heavy oil grades but has not yet established production operations.
The visit to India comes amid broader U.S.-India trade discussions. Washington and New Delhi are working towards finalizing a trade agreement, with the U.S. administration recently waiving potential additional tariffs on India’s purchases of Russian crude oil. This move, which has drawn criticism from some U.S. lawmakers, is intended to facilitate progress in trade negotiations while the administration reviews its tariff policies.
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. India, which imports over 85% of its crude oil needs, is focused on securing diverse and reliable energy supplies to support its growing economy.
Expanding imports of Venezuelan crude oil could provide Indian refiners with additional supply options. Furthermore, potential investments by Reliance in Venezuelan oil production could create new opportunities for bilateral energy cooperation between the U.S. and India. The discussions reflect Washington’s efforts to strengthen commercial ties with India while exploring opportunities for U.S. companies and international partners in Venezuela’s energy sector.