From The Economic Times · ET Online · · 1m 30s
Rubio's Energy Strategy
US Secretary of State Marco Rubio visits Reliance's Jamnagar refinery to boost Venezuelan oil imports and US-India energy ties.
In brief
US Secretary of State Marco Rubio visits Reliance's Jamnagar refinery to boost Venezuelan oil imports and US-India energy ties. US Secretary of State Marco Rubio aims to have Reliance Industries process more Venezuelan crude and potentially produce oil in Venezuela to strengthen US-India energy partnerships…
Rubio's Mumbai Meeting
US Secretary of State Marco Rubio met with External Affairs Minister S. Jaishankar in Mumbai.
Jamnagar Refinery Visit
Rubio plans to visit Reliance's Jamnagar refinery next to discuss Venezuelan crude processing.
Venezuelan Crude Processing
Rubio wants Reliance to refine more Venezuelan crude at Indian facilities with possible Venezuelan oil production.
Jamnagar Capacity
Jamnagar complex handles 1.4 million barrels per day and processes heavy, high-sulphur oil.
Venezuelan Oil Strategy
Reliance has resumed direct purchases of Venezuelan oil under US-approved arrangements.
Texas Refinery Project
Trump announced a $300 billion Texas refinery backed by Reliance to process american shale oil.
Refinery Capabilities
Jamnagar can process a wider range of crude grades including heavy, high-sulphur oil unlike texas facilities.
US-India Trade Deal
The US and India are close to finalising a trade deal after waiving tariffs on russian oil purchases.
Venezuelan Oil Competition
Venezuelan crude must compete with russian grades on delivered price, freight costs and refining margins.
Immediate Test
The Jamnagar visit will test whether Reliance commits to larger Venezuelan crude purchases or production agreements.
The headline
US Secretary of State Marco Rubio aims to have Reliance Industries process more Venezuelan crude and potentially produce oil in Venezuela to strengthen US-India energy partnerships.
