Indian Billionaire Backing Trump Refinery Project Also Ramps Up Venezuelan Crude Purchases

Deep News
3 hours ago

Key points: Indian billionaire Mukesh Ambani's Reliance Industries has now become the largest buyer of Venezuelan crude outside the United States.

According to data from energy data analytics firm Kpler, India's Venezuelan crude imports stood at 257,000 barrels per day in September, with 76% of that volume flowing to Reliance Industries.

In March of this year, Trump announced that the United States would build its first new refinery in 50 years, with India's Reliance Industries participating in the investment.

Reliance Industries, the company led by Indian billionaire Mukesh Ambani, is participating in the investment for a historic U.S. refinery project proposed by U.S. President Trump, while the company has also become the largest buyer of Venezuelan crude outside the United States.

According to obtained Kpler data, Trump has been urging India to purchase U.S. energy; Indian state-owned oil companies will buy opportunistically, but Reliance Industries is the primary buyer of Venezuelan crude.

The data shows that outside the United States, India is the main destination for Venezuelan crude, with the vast majority of that crude purchased by Reliance Industries.

Sumit Ritolia, Chief Research Analyst at Kpler, said: "Reliance Industries' Jamnagar refinery complex is the main receiving point for Venezuelan crude in India, and it is expected to remain the core buyer."

Data shows that India imported 257,000 barrels per day of crude from Venezuela in September, with 76% of that supply going to Reliance Industries.

According to Reliance's official materials, the Jamnagar refinery is the world's largest single-site refining complex, with a crude processing capacity of 1.4 million barrels per day.

Ritolia explained that Venezuelan heavy and extra-heavy crude is difficult to process, and most refineries in India are not suitable for handling such grades; the configuration of the Jamnagar refinery happens to be very well suited for this type of crude.

In March of this year, Trump publicly announced that the United States would build its first brand-new refinery on domestic soil in 50 years, with India's Reliance Industries contributing funding and participating.

Trump also publicly thanked Reliance Industries for making this "major investment."

Reliance Industries has not yet disclosed the specific investment amount, though Trump previously posted on Truth Social: "It's a $300 billion deal, the largest deal in American history."

Reliance Industries is India's most valuable company, with a market capitalization exceeding $169 billion.

Just as Reliance is increasing its purchases of Venezuelan crude, India's large-scale imports of Russian crude have drawn U.S. displeasure.

The U.S. Congress has been authorized to impose tariffs of up to 100% on countries that purchase energy from Russia.

Despite persistent U.S. pressure to increase American energy purchases and reduce dependence on Russian crude, the Indian government has consistently maintained that its energy procurement decisions are driven by the goal of safeguarding energy security for its domestic population.

Ritolia said that although Russia's crude supply to India in September had declined from the extremely high levels of June-July, this was mainly due to intensified purchasing competition between China and India, not because of U.S. tariff deterrence.

Kpler data shows that India remains the largest buyer of Russian crude, with Russia supplying 1.82 million barrels per day to India in September, higher than the 1.49 million barrels per day flowing to China and far larger than Venezuelan crude imports.

Ritolia said that an estimated 350,000 barrels per day of Venezuelan crude is expected to be shipped to India in October; however, due to long-haul shipping cycles, some vessels may be delayed until November to arrive.

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