U.S. eyes refining muscle of Indian billionaire Ambani's Reliance as Rubio visits Jamnagar plant
Rubio said the "extraordinary" refining capacity of Reliance could help India diversify its energy supplies, hinting at greater offtake of Venezuelan crude.
TL;DR
- U.S. Secretary of State Marco Rubio will visit Reliance Industries' Jamnagar refinery in Gujarat.
- The visit aims to discuss refining Western Hemisphere energy supplies and potential increased offtake of Venezuelan crude by India.
- Reliance's Jamnagar refinery is the world's largest single-site refinery.
- The U.S. is encouraging India to buy more Venezuelan oil, with Reliance being a primary buyer.
- Discussions may also cover Reliance's previously announced, though unconfirmed, investment in building a new oil refinery in the U.S.
- The visit occurs as diesel prices surge in the U.S. ahead of midterm elections.
- Rubio referred to India as a "refining superpower" capable of handling heavy crude.