Reliance Goes From Trump Foe to Friend With Oil Refinery Pledge

Mukesh Ambani, chairman of Reliance Industries Ltd. Photo by Prakash Singh /Photographer: Prakash Singh/BlooArticle content(Bloomberg) — In one move, Reliance Industries Ltd. has reset its relationship with Donald Trump.Sign In or Create an AccountEmail AddressContinueor View more offersArticle contentBillionaire Mukesh Ambani’s conglomerate is in talks with America First Refining, with options ranging from an equity stake to offtake agreements or broader strategic partnerships, people familiar with the matter said, asking not to be identified as the information is private.Article contentWe apologize, but this video has failed to load.Try refreshing your browser, ortap here to see other videos from our team.Article contentArticle contentThe potential deal underscores how Reliance is capitalizing on shifting energy alliances as geopolitical conflicts chokes energy supplies. Although it didn’t name Reliance, Washington had last year accused India’s politically connected energy titans of war profiteering through purchases of discounted Russian crude.Article contentTop StoriesGet the latest headlines, breaking news and columns.There was an error, please provide a valid email address.Sign UpBy signing up you consent to receive the above newsletter from Postmedia Network Inc.Thanks for signing up!A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againInterested in more newsletters? Browse here.Article contentRead: Billionaire Ambani Becomes Collateral Damage in Trump Trade FuryArticle contentBut on Tuesday, President Trump announced the Brownswille project, calling it “the FIRST new U.S. Oil Refinery in 50 YEARS” and thanking Reliance for its role. Article contentStill, the finer details of Reliance’s involvement remain fluid and under negotiations, the people said. The intent has been to help smooth out the bilateral relations, one person said.Article contentShift in ToneArticle contentThat shift in tone reflects Washington’s recalibrated stance as Middle Eastern supplies tighten amid the Iran war. Indian refiners, including Reliance, have bought about 30 million barrels of Russian oil after the US gave its green light for purchases to cope with a shortfall caused by the effective closure of the Strait of Hormuz. Reliance also resumed purchases of cargoes from Venezuela, after the US stepped in to oversee Caracas’s oil sales.Article contentArticle contentA Reliance representative didn’t reply to email seeking comments. The US Energy Department didn’t immediately respond to a request for more details.Article content“As the US expands its downstream chemical infrastructure, Reliance has emerged as a key strategic partner,” said Deven R Choksey, founder of DRChoksey FinServ, a boutique fund and wealth management firm.“Reliance provides the technical expertise and investment needed to bolster US downstream projects.”Article contentThe Ambani-led energy giant operates the world’s largest refining complex in Jamnagar, with a capacity of 1.4 million barrels a day and can process the dirtiest grades of crude oil, but has no overseas refining assets. A foothold in South Texas would help embed the company in the US energy landscape, as commercial interests align with diplomatic priorities.Article contentThe talks with America First follow a bilateral trade deal that reduced tariffs on Indian exports in exchange for commitments to diversify away from Russian energy.Article contentThe recent developments follow a period of intensive engagement by the Reliance leadership, which helped secure the 30-day Russian oil purchase waiver and made progress on deals involving Venezuelan interests, the people said.Article contentTrending Should couple in their 50s who want to retire tap into RRSPs or apply for CPP?

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Family Finance Here's why bets are rising for interest rate hikes including for Canada Economy Saudi Aramco chief warns of ‘catastrophic consequences’ in biggest crisis region's oil market has faced Oil & Gas Qatar to push LNG expansion plans to 2027 after Iran drone attack Oil & Gas Trump calls solar the scam of the century, but this Chinese-Canadian tycoon believes it can make America great again Renewables