Trump, Ambani and the Venezuelan Oil That Came Between Them

Reliance Industries Chairman and Managing Director Mukesh Ambani has met with US President Donald Trump twice since Trump's return to the White House in January. After attending the swearing-in ceremony with his wife Nita Ambani, the Reliance patriarch met the US President again today in Doha.

A brief interaction between the two was caught on camera as President Trump and the Emir of Qatar, Sheikh Tamim bin Hamad Al Thani, greeted a long line of dignitaries at the Lusail Palace ahead of a state dinner.

President Trump is currently in Qatar as part of his first official overseas tour during his second term, focused on strengthening economic and diplomatic ties in the Gulf region. His Doha itinerary included high-level meetings with Emir Sheikh Tamim, major defence and aviation deals, and engagements with US military personnel stationed at the Al-Udeid Air Base.

While there have been no official statements regarding Trump’s conversation with the Reliance Industries Chairman, earlier Reuters reports indicated that no business or investment discussions were expected. So why is this meeting important?

Trump–Ambani Ties and Their Hiccups

Mukesh Ambani and President Trump have interacted on several occasions, including during Trump’s second inauguration in January 2025. Mukesh and Nita Ambani attended a pre-inauguration dinner in Washington, DC, posed for photographs with Trump, and participated in a private reception. They were among a select group of 100 global leaders and luminaries invited to the gathering.

However, the relationship faced friction early in Trump’s second term. In March 2025, his administration revoked permits and waivers for several foreign energy firms operating in Venezuela, including Reliance, as part of a broader strategy to increase pressure on President Nicolás Maduro’s regime. The move was intended to isolate Maduro from the global oil market and push for democratic reforms in Venezuela.

Additionally, Trump authorised a 25% tariff on countries purchasing Venezuelan oil, which reportedly led Reliance to halt further imports of Venezuelan crude. The company received a final shipment of Merey crude already en route but paused future purchases in response to the new policy, Bloomberg reported in March.

Reliance had previously secured waivers under the Biden administration and, according to the report, had imported 6.5 million barrels by March 2025.

In the fourth quarter of FY25, Reliance’s EBITDA for its oil-to-chemicals (O2C) business fell by 10%, attributed to lower profits from transport fuels and polyester products—though partly offset by increased production and lower raw material costs. The oil and gas segment’s EBITDA also dropped by 8.6% due to higher costs from one-time maintenance and reduced output from the KG-D6 field.

The company has not commented on the impact of halting Venezuelan oil imports.

Trump’s Praise for Ambani

Despite this policy-related hiccup, ties between the Trump family and the Ambanis have remained warm. Ivanka Trump, along with her husband Jared Kushner and daughter Arabella, attended the pre-wedding celebrations of Anant Ambani, Mukesh Ambani’s son, in Jamnagar, Gujarat, in March 2024.

An earlier conversation between Trump and Ambani during the former’s state visit to India in February 2020 also garnered attention. At a CEO roundtable in New Delhi, Ambani highlighted Reliance’s $7 billion investment in the US energy sector. While the exact nature of the investments has not been made public, reports suggest a large portion was allocated to mergers and acquisitions.

In June 2018, RIL acquired Radisys Corporation, an American telecom technology firm based in Oregon, for about $74 million. The acquisition was aimed at bolstering RIL’s telecom and 5G capabilities. RIL also invested in US shale gas assets, including joint ventures in the Eagle Ford and Marcellus shale formations. However, by 2021, it had divested all its US shale assets to refocus on domestic operations in India.

“We are investors in the United States in the energy sector and have invested $7 billion towards that,” Ambani told Trump at the US Embassy, seated among several Indian business leaders. “$7 billion, yeah, big one.”

“Great job you have done. Thank you,” Trump replied. He then asked, “You’re doing 4G. Are you going to do 5G too?”

Ambani also praised the US’s low corporate tax rates, calling the country a business-friendly destination.

“All of us in the business community are really supportive. We do acquisitions in the US and they’re getting approved fast, and we hope that will continue for Indian companies,” said the RIL Chairman.

Trump responded that this would continue only as long as he remained President—a remark that didn’t hold true at the time, as he lost to Democrat Joe Biden in 2020. However, he later defeated his former deputy Kamala Harris in a historic comeback in the 2024 election.