India's largest refinery turns to unexpected partner

US Secretary of State Marco Rubio is going to discuss with Indian billionaire Mukesh Ambani and representatives of Reliance Industries the prospects for refining oil from the Western Hemisphere. The meeting will take place during a visit to the company’s refinery complex in Jamnagar, Gujarat. CNBC notes that this is the world’s largest refinery located on one site.

In an interview with India’s Network 18, which is owned by Reliance, Rubio said the U.S. was interested in working more closely with a Western Hemisphere oil refining company. He said it would benefit both India and America.

The complex in Jamnagar is capable of processing 1.4 million barrels of oil per day. By the end of September, Reliance had become the largest buyer of Venezuelan oil outside the United States. Rubio made it clear that the company’s significant capacity would help India diversify its energy sources. CNBC sees this as a hint of a possible increase in Venezuelan oil purchases.

Donald Trump wants India to increase purchases of Venezuelan oil instead of Russian. India’s state-owned oil companies sometimes buy Venezuelan oil in favorable market conditions, but Reliance remains the main buyer.

In addition to oil, Reliance is expanding cooperation with the United States this year. In March, Trump announced plans to build America’s first new refinery in 50 years with the financial participation of Ambani. The size of the investment Reliance did not disclose. In Truth Social, Trump called it a historic $300 billion deal and the largest in U.S. history.

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