Rubio to encourage India's Reliance to produce, refine more Venezuelan oil
USO•Marco Rubio said he would encourage Reliance Industries to refine more Venezuelan crude and potentially produce oil in Venezuela. Reliance's Jamnagar refineries have a combined capacity of about 1.4 million barrels per day.
1. Venezuelan oil discussions
Rubio said he would discuss with Reliance Industries refining more Venezuelan crude and the possibility of the company producing oil in Venezuela. Reliance has processed Venezuelan crude before and has emerged as a significant importer as Venezuela's production has increased, but is not currently active in the country.
2. Refining capacity and trade
Reliance's two Jamnagar refineries have a combined capacity of about 1.4 million barrels per day and can process Venezuela's ultra-heavy crude. Rubio said a comprehensive trade deal with India was almost complete and that the US administration would enter a 60-day review period to consider which new tariffs, if any, to impose.
