Reliance Industries, Mukesh Ambani’s company, has emerged as the biggest buyer of Venezuelan crude outside the United States, accounting for 76% of India’s Venezuelan crude imports in September, or approximately 195,000 barrels per day out of a total of 257,000. The Jamnagar refining complex, the world’s largest single-site refinery with a processing capacity of 1.4 million barrels per day, is particularly well suited for heavy and extra-heavy Venezuelan crude grades. In March, Trump announced that the United States will build its first refinery in 50 years with Reliance’s investment, calling it a historic $300 billion deal, the largest in U.S. history. Reliance’s market capitalization exceeds $169 billion. India remains the world’s largest destination for Russian crude with 1.82 million barrels per day in September, a volume far greater than its Venezuelan purchases.
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