Summary:
The US is seeking to deepen energy ties with India through fuel exports, crude oil trade and refinery investments. Marco Rubio’s visit to Reliance’s Jamnagar refinery highlights the partnership, while a proposed Texas refinery project brings Reliance’s global energy ambitions into focus.
The United States wants to deepen its energy partnership with India with more fuel exports, more crude oil trade, and new refinery investments. US Secretary of State Marco Rubio visited Reliance Industries' Jamnagar refinery in Gujarat on Wednesday, October 21, 2026, drawing attention to the development.
The visit comes at a time of high crude oil prices globally, disruption to supplies and growing efforts to diversify international energy trade.
US-India Energy Partnership Accelerates
India’s biggest supplier of liquefied petroleum gas (LPG) has now become the US, with its share rising from less than 10% to 67% in the last year.
The sharp rise reflects growing energy trade with the US at a time when supply security has become an important concern for major fuel-importing economies.
Discussions during the visit to Jamnagar included conventional fuels, renewable energy, manufacturing, technology and opportunities for commercial partnerships.
Reliance Industries refining capabilities was a big focus. Its Jamnagar complex is the world’s largest single-site refining complex with a combined crude processing capacity of about 1.4 mn barrels per day (bpd).
The facility can process different grades of crude, including heavier grades, allowing Reliance to source from a wide range of international markets.
US Refining Investment Plan Draws Attention to Reliance
Reliance Industries is also involved in the plans for a new oil refinery at the Port of Brownsville, Texas.
America First Refining is developing the proposed facility that is expected to process about 1,68,000 bpd of American shale crude.
The larger project has been tied to a potential $300bn long-term deal to buy crude oil and refined petroleum products. This figure is indicative of the commercial arrangement proposed and not the construction cost of the refinery.
The project is still in the proposed development stage.
Reliance’s involvement in overseas refining infrastructure could mean a bigger presence in global energy supply chains. However, the financial impact will depend on the final investment structure, project execution and commercial agreements.
Reliance Energy Financials & Business Performance
Reliance Industries operates in oil-to-chemicals, exploration, retail, digital services and new energy.
As per the official financial disclosures, the company posted consolidated gross revenue of ₹11,75,919 crore and EBITDA of ₹2,07,911 crore in FY26.
Q1FY27 consolidated gross revenue stood at ₹3,40,257 crore, EBITDA at ₹54,067 crore and profit after tax at ₹23,196 crore.
Its refining business is still sensitive to crude oil prices, product demand, refining margins and changes in world supply patterns.
The company is also moving into new energy manufacturing and data centers creating opportunities for collaboration across energy and digital infrastructure.
Why Reliance Industries Stock Surged
Reliance Industries shares closed higher on Wednesday even as the broader Indian equity market closed in the red.
The stock gained 0.58% to close at ₹1,209 on the NSE, as against previous close of ₹1,202. The stock touched an intraday high of ₹1,234.30 during the session.
The stock moved higher amid developments in US-India energy cooperation. But the Jamnagar visit alone does not explain the movement, especially considering other developments related to the company’s digital business.
Outlook: Energy Trade Remains in Focus
India and the US can cooperate more closely to help with crude sourcing flexibility, fuel availability and investment opportunities in refining infrastructure.
However, benefits will depend on global oil prices, supply conditions and progress of proposed investments.
Developments around American crude, Venezuelan oil and overseas refining projects, along with its financial performance, will continue to be an important factor to track for Reliance Industries.
