US calls India a ‘refining superpower’:Secretary of State says Venezuelan crude will be processed here; will help boost global oil supply

US Secretary of State Marco Rubio described India as a “refining superpower”. He said India has the capacity to refine heavy crude oil into petrol, diesel and other fuels. Speaking to news agency ANI, Marco Rubio said he believed that as more Venezuelan oil entered the market, India could refine it. This would help increase the global oil supply. Indian companies could also increase oil production in Venezuela Rubio also referred to Indian companies’ existing oil projects in Venezuela. He said Indian companies could increase production from the oil assets already present there. According to Rubio, India had already held discussions on the issue. He said India appeared ready and willing to work in this direction. However, he also clarified that issues related to US sanctions and other restrictions could arise in taking this plan forward. The US and India will have to work together on these issues. Rubio said: The two countries can shape the direction of the 21st century At the ‘Freedom 250’ event in Mumbai, the US Secretary of State said India and the US have extraordinary alignment on key issues that determine the national interests of both countries. He said the world’s two major powers could together play an important role in shaping the course of the 21st century. Rubio said, No two countries in the world can agree completely on every issue. There will be differences on some matters. But on the key issues that determine the national interests of India and the United States, there is exceptional alignment between the two countries. Jaishankar said: India-US ties have grown steadily stronger External Affairs Minister S. Jaishankar said that relations between India and the United States had advanced significantly over the past several decades. Cooperation between the two countries now extends across several sectors, including infrastructure, education, food and agriculture, technology, energy, defence and civil aviation. Jaishankar said, Our relations have truly come a long way. History records that many Americans supported India’s freedom struggle. Even after independence, our partnership has made a real contribution to India’s development. Jaishankar also described the contribution of Indian talent to the US technology sector as significant. He acknowledged that the two countries have held differing views on how to tackle global challenges. Despite this, the partnership has continued to grow over the past few decades, with new areas of cooperation being added along the way. Marco Rubio and Mukesh Ambani to meet tomorrow US Secretary of State Marco Rubio will visit the world’s largest refinery complex in Jamnagar on Wednesday. During the visit, he will also meet Reliance chairman and managing director Mukesh Ambani. Rubio will hold talks with Reliance on refining Venezuelan crude oil. According to media reports, Reliance Industries is preparing to make a major investment in an oil refinery in Texas, US. It would be the first refinery to be built in the US in 50 years. This is why the meeting is considered highly significant. Rubio’s Jamnagar visit is significant for 3 reasons… 1. Diesel prices in the US cross ₹155 Diesel prices in the US have crossed $6 per gallon, or around ₹155 per litre. This has left truck drivers, farmers and freight businesses struggling. The Trump administration wants adequate diesel supplies in the US before the midterm elections on 3 November. That is why the US is buying diesel from Russia. Reliance could also refine crude oil bought at lower prices and sell petrol and diesel to the US, helping the country avoid a fuel crisis. 2. Reliance should buy more oil from Venezuela Since arresting Venezuelan President Nicolás Maduro in January, the US government itself has been selling Venezuela’s oil abroad. Reliance is one of Venezuela’s largest oil buyers. According to global trade intelligence firm Kpler, India imported 2.57 lakh barrels of oil per day from Venezuela in September. Reliance bought 76% of it. America wants Reliance to buy more oil from Venezuela, as it has repeatedly said that India should purchase oil from the country. However, the government-owned oil companies have not done so. 3. Reliance’s $300 billion investment in America Reliance is opening a new refinery in the US state of Texas, which will be the first refinery built in America in 50 years. US President Donald Trump described it as a $300 billion deal in March. America wants this investment to be made as soon as possible. Jamnagar is the world’s largest refinery According to Reliance, the Jamnagar refinery is the world’s largest and most modern refinery built at a single location. It has the capacity to process 1.4 million barrels of crude oil every day.