Reliance Goes From Trump Foe to Friend With Refinery Pledge (1)

In one move, Reliance Industries Ltd. has reset its relationship with Donald Trump.

Billionaire 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.

Mukesh Ambani, chairman of Reliance Industries Ltd.

Photographer: Prakash Singh/Bloomberg

The 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.

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