India could deepen energy ties with Venezuela beyond crude imports: Rubio

Indian companies could play a larger role in Venezuela’s energy sector as the country’s oil production increases, importing more of its heavy crude for processing while exploring new opportunities to invest in upstream projects, US Secretary of State Marco Rubio said Oct. 20.

Speaking ahead of a meeting with Reliance Industries Ltd.’s executives at the company’s Jamnagar refining complex, Rubio said India’s extensive refining capacity positions it well to process additional Venezuelan crude as production increases, according to a US State Department statement.

“They have the capability to refine heavy crude. They’ve done so in the past, and I think as more and more Venezuelan oil comes online, it’s something they can do,” Rubio said, referring to Indian refiners.

Rubio added that energy cooperation is both an economic and a national security issue. Refining capacity is essential for turning crude into usable energy, while reliable energy supplies are critical to economic stability.

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