Marco Rubio to visit Jamnagar - Why US needs Reliance Industries to process Venezuelan crude amid record diesel prices?
During his India visit, Marco Rubio will meet Reliance chairman Mukesh Ambani in Jamnagar to discuss refining more Venezuelan oil. Reliance’s refineries can process the country’s heavy crude, while US efforts to expand production face aging infrastructure challenges in Venezuela.
US Secretary of State Marco Rubio is set to visit India from October 20-21 as part of bilateral trade discussions with Prime Minister Jaishankar. During his trip, Rubio will meet with Reliance Industries Chairman Mukesh Ambani in Jamnagar. This visit comes as the US looks to expand diesel supply sources, amid rising diesel prices caused by Iran-Iraq sanctions and a shortage.
Reliance's two Jamnagar refineries, with a combined capacity of 1.4 million barrels per day, are capable of processing Venezuela's heavy, waxy and sulphur-rich crude oil. The US has secured a 100-year concession for 17 oil fields in Venezuela, and NABEP, a private oil company, has begun processing Venezuelan crude. While Reliance has experience refining Venezuelan crude, it is not currently operating in the country.
Some hurdles remain, such as Venezuela's aging infrastructure, but Rubio sees potential for increased Venezuelan oil processing in the future.
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