Reliance’s Jamnagar Refinery To Host US Secretary Of State Marco Rubio Today; Venezuelan Oil Talks In Focus

Reliance Industries’ Jamnagar refinery will host US Secretary of State Marco Rubio on Wednesday, October 21, with Venezuelan crude supplies and the possibility of Reliance participating in oil production in Venezuela set to be discussed.

Rubio plans to encourage Reliance Industries to refine more Venezuelan crude at its Jamnagar complex and explore whether the company could participate in oil production in the South American country, Reuters reported, citing comments made by the US Secretary of State to reporters in Mumbai on Tuesday.

“We will talk about (refining more Venezuelan crude) tomorrow with Reliance…They have done so in the past, and I think as more and more of Venezuelan oil comes online, that is something they can do,” Rubio said, according to Reuters.

The discussion could go beyond buying and refining crude. Asked whether Reliance itself could produce oil in Venezuela, Rubio said the subject had come up earlier and would be discussed again during the visit.

“We are going to go see what the holdup is and what opportunities exist…this is a company that has had a presence in Venezuela in the past, and whose refining capabilities are substantial,” he said.

Reliance is already a major buyer and refiner of Venezuelan crude, but is not currently involved in oil production in Venezuela, Reuters reported. Its two refineries at Jamnagar have combined crude-processing capacity of around 1.4 million barrels per day and can process the ultra-heavy crude produced by Venezuela.

Reliance Jamnagar Visit To Focus On Venezuelan Oil

Rubio’s visit puts Reliance’s refining operations at the centre of a wider shift in global oil flows. Explaining why Jamnagar forms part of his India visit, Rubio linked refining capacity and crude supplies directly to energy security.

“I’m also here in my capacity as a national security advisor. So I have a bulletin for everyone and that is that energy is related to national security,” Rubio said. “So, we’re going to go see a company that has a tremendous amount of refining capabilities, so it makes all the sense in the world to talk to them about it,” he added.

Reliance’s Jamnagar complex is particularly relevant because Venezuelan crude is generally heavy and high in sulphur, requiring sophisticated refining capacity.

Reliance has processed Venezuelan crude in the past and has again emerged as a significant buyer as supplies from the South American producer increase.

No agreement on additional crude purchases or oil production has been announced so far.

Reliance Venezuelan Oil Plans Come As India Diversifies Crude Supply

The Reliance talks also come as India looks to diversify its crude oil supplies. India imports more than 85% of its crude requirements, leaving the country exposed to changes in global oil prices, sanctions and supply disruptions.

Rubio said India had already made progress towards broadening its energy sources. “India has expressed repeatedly its desire to diversify its energy portfolio, which is a smart thing to do. It’s not easy to do that from one day to the next,” he said. “I think they’ve made some substantial progress in that regard, and we’re happy to see that.”

Washington has also been pushing India over its purchases of Russian crude. US President Donald Trump last week waived potential tariffs that could have been imposed on major buyers of Russian oil, including India.

The legislation signed in September allows the US administration to impose tariffs of up to 100% on the five largest buyers of Russian oil.

India-US Trade Deal Also In Focus During Marco Rubio Visit

Rubio’s India visit comes as New Delhi and Washington move closer to completing a trade agreement. The US Secretary of State said negotiations were down to technical details and indicated that an agreement could be reached within weeks.

“It is something we anticipate seeing in a matter of weeks, not months,” Rubio told CNN-News18. The Trump administration has also entered a 60-day review period to decide what new tariffs, if any, should be imposed.

Before travelling to Jamnagar, Rubio held talks with External Affairs Minister S Jaishankar in Mumbai. The two sides were expected to discuss energy, trade and investment, defence, and critical and emerging technologies.

Attention now turns to Wednesday’s visit to Reliance’s Jamnagar complex and whether the discussions result in any concrete commitment on Venezuelan crude purchases, refining volumes or Reliance’s possible participation in oil production in Venezuela.

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