U.S. Secretary of State Marco Rubio is visiting Reliance Industries' Jamnagar refinery in Gujarat to discuss expanding energy supplies to the United States from the Western Hemisphere, particularly Venezuelan crude.
Reliance's Jamnagar facility processes 1.4 million barrels of crude per day and ranks as the world's largest single-site refinery. The company has become the biggest buyer of Venezuelan crude outside the U.S., according to data through September.
Rubio told India's Network 18 that the U.S. wants to "work together more closely" with Reliance on refining Western Hemisphere energy. He framed the arrangement as beneficial to both nations. Reliance operates the refinery with the capacity to handle heavy crude from Venezuela, a grade well-suited for producing diesel.
President Donald Trump has pushed India to increase Venezuelan oil purchases to offset Russian barrels. While Indian state-owned oil companies have made opportunistic buys, Reliance has emerged as the primary purchaser.
The Rubio visit also signals potential movement on a separate U.S. refinery investment. Trump announced in March that America would build its first new oil refinery in 50 years with help from Ambani's Reliance. Trump posted on Truth Social that the deal represented "THIS IS A HISTORIC $300 BILLION DOLLAR DEAL — THE BIGGEST IN U.S. HISTORY." However, Reliance has never publicly confirmed the investment size or deal terms, creating uncertainty. Pramit Pal Chaudhuri, South Asia practice head at Eurasia Group, told CNBC that Rubio's Jamnagar visit aims to "clinch" the U.S. refinery deal or advance it further.
Rubio told Network 18 that Reliance had "invested in increasing the refining capacity within the United States."
The timing coincides with elevated U.S. diesel prices, which affect truckers, farmers, and shippers heading into an election cycle. Diesel prices are expected to remain elevated into next year, according to the source.