Business News | US to Discuss Hurdles, Opportunities for Reliance in Refining Venezuelan Oil: Rubio
Get latest articles and stories on Business at LatestLY. US Secretary of State Marco Rubio on Tuesday said Washington will discuss potential hurdles and opportunities with Reliance Industries regarding Venezuelan oil, highlighting the company's ability to refine heavy crude as the United States looks to strengthen energy cooperation with India.
Mumbai (Maharashtra) [India], October 20 (ANI): US Secretary of State Marco Rubio on Tuesday said Washington will discuss potential hurdles and opportunities with Reliance Industries regarding Venezuelan oil, highlighting the company's ability to refine heavy crude as the United States looks to strengthen energy cooperation with India.
Speaking to reporters after arriving in Mumbai, Rubio said the US had previously held discussions with Reliance on opportunities in Venezuela and would examine the challenges involved during his upcoming visit to the company's Jamnagar refinery in Gujarat.
"We've talked to them about it in the past. We're gonna go see what the hold-up is and what opportunities exist," Rubio said.
He added, "This is a company that has had a presence in Venezuela in the past and whose refining capabilities are substantial."
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Rubio's remarks came in response to a question on whether the United States would encourage Reliance to enter oil production in Venezuela.
Earlier, the US Secretary of State said Reliance has the technical capability to process Venezuelan heavy crude, having done so previously.
"They have the capability to refine heavy crude. They've done so in the past," he said.
Highlighting India's refining capabilities, Rubio said the country could play an important role in processing additional Venezuelan crude as production increases.
"India is a refining superpower. They have the ability to do that. They have companies that know how to do that," he said.
Rubio also pointed to existing Indian investments in Venezuela's oil industry, saying companies have opportunities to increase production through their existing concessions.
"They also, by the way, have pre-existing oil concessions in Venezuela that can produce more themselves," he said.
However, he acknowledged that sanctions could pose challenges to expanding cooperation.
"There might be a few impediments that stand in the way in terms of sanctions and so forth that we have to work through," Rubio said.
The discussions come amid disruptions to global energy supplies, with conflicts affecting oil transportation routes and refining infrastructure putting pressure on the availability of affordable fuels.
Rubio said Venezuelan oil could help ease some of these pressures, although it would not be sufficient to fully offset disruptions in global supplies.
Rubio is on a three-day visit to India from October 20 to 22. He arrived in Mumbai on Tuesday and is scheduled to visit Reliance Industries' Jamnagar refinery in Gujarat on Wednesday. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)