00:00Let's go across live to then Gujarat. My colleague Brijesh Doshi is joining me for the latest on that.
00:05Brijesh, full on Atiti Devo Bhava, clearly for the reliance industry in Gujarat.
00:09Why is this visit crucial? I'm sure it's not just about visiting, looking at the refinery,
00:15but looking more at the energy potential and the kind of investments we are looking at each other's countries with.
00:25Definitely Pooja, see when the state of, I mean, the state secretary of United States is visiting a refinery or
00:32a company
00:32based in the western state of India, Gujarat, and be it in Jamnagar,
00:38this will be the biggest story of the world today because when United States state secretary is visiting such kind
00:46of a company,
00:46it gives a big message that this is not a small journey or a small visit,
00:51it has a significance, it has a big value, that there will be something,
00:56though no official words shared by the U.S. Embassy or the reliance industry yet,
01:03though they didn't give any kind of information, but the state of secretary, Mark Rubio,
01:09has yesterday mentioned everything that why he is visiting Jamnagar and why this visit is very special
01:15because Russia is looking after the treatment of the Venezuelan crude oil.
01:21Being in one of the largest refinery, Reliance refineries, world's one of the largest refinery
01:26and that's why they are trying to get the new company involved in this kind of crude refinery
01:34and that's why this visit is very crucial.
01:36There is a big delegation along with Mark Rubio is visiting these facilities and they are visiting the Reliance refinery.
01:44So, there will be something, though officially it is not yet out,
01:49but as per the, if we go by the statement of Mark Rubio gave yesterday to the media,
01:55it is a big step towards one of the more investment or a new tie-up between Reliance and the
02:03United States of America.
02:05Brijay, stay on with me because it's important to also tell the viewer why this visit is so significant.
02:11It's not simply about visiting a refinery.
02:14It's also about understanding what goes from there on,
02:16especially at a time when there are parts of the world that are witnessing the conflict
02:20and does India see an opportunity here?
02:21Let me explain this to you.
02:23Now, this Reliance Industries refinery in Jamnagar is the world's largest refining complex right now.
02:29So, how does that help India and how does that help the United States of America?
02:32Why are they soaking it on it?
02:34In cases like this, the refining capacity of about 1.4 million barrels per day.
02:40Remember for the USA, their diesel prices, for example, are surging $6 a gallon.
02:45It's putting pressure on the consumer there.
02:47And it is also about buying crude oil, whether from Russia, other countries,
02:52all of that is going to now become a problem,
02:54especially when India had to face sanctions for buying oil from Russia.
02:57India, the capability of processing heavy and high sulphur crude,
03:02what refinery does in Jamnagar is basically, again,
03:05deals with crude oil and the refinery of it.
03:07And that will help at a time like this.
03:09Now, in a situation like this, remember,
03:12now that the USA, and especially the USA Secretary of State,
03:14and a top official of the Trump administration will be visiting Jamnagar,
03:18the US wants the Reliance to process more Venezuelan-heavy crude.
03:22And that is why there's going to be a detour that can possibly be managed.
03:26And will the fact that Washington is seeking an alternative to the Russian oil,
03:32even though right now they're exploring buying diesel from Russia,
03:36and this is another option that they're looking at.
03:39Refinery can diversify crude sources amid the global turmoil,
03:43Russia, Ukraine, West Asia, especially when we come to the Strait of Hormuz,
03:47when we talk about Iran as well, for example.
03:50This will give India a strategic autonomy in energy sourcing,
03:55at least a potential that we are looking at.
03:57Again, remember, at a time like this,
04:00it's going to be significant to how USA wants to protect its own domestic interest
04:04ahead of November midterm elections.
04:07This can deepen US-India energy and business cooperation specifically,
04:11especially when we're talking, of course,
04:13about millions and billions of dollars in cases like this.
04:15So Jamnagar is where, that is the reason the focus is.
04:18And remember, a unit is being built in Texas, in the USA.
04:22And that is also that Marco Rubio is going to be talking about.
04:26So Marco Rubio and the team have reached Jamnagar.
04:29They're going to stay overnight, departure tomorrow morning.
04:32And there will, of course, be a lot of discussions.
04:35There could be a meeting, of course, with the top business voices.
04:38And that is also going to be reflective of what happens next.
04:44But this is only a part of how India and the USA
04:47are amping up the discussions between the two.
