In a bid to bolster bilateral relations, Indian Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez engaged in discussions in New Delhi, with a strong emphasis on energy security, critical minerals, pharmaceuticals, and trade. This meeting marks a significant step as Venezuela positions itself as a principal supplier of crude oil to India, amidst India’s attempts to diversify its energy imports and navigate the challenges posed by global supply chain disruptions.
Rodríguez, leading a delegation that includes five ministers, is on a four-day visit to India. The discussions between the two nations delved into the potential for a long-term energy partnership, encompassing oil exploration, production, and refining. Venezuela, home to one of the world’s largest proven crude oil reserves, is keen on establishing India as a steadfast long-term energy partner.
In addition to energy cooperation, India highlighted the importance of collaborating on critical minerals such as gold and diamonds, with both countries exploring opportunities for joint exploration and resource development. The talks also covered expanding cooperation in the pharmaceutical sector, where India showcased its expertise in affordable generic medicines and healthcare solutions.
A significant concern raised by the Indian side was about more than $500 million in dividends that ONGC Videsh Limited has found challenging to repatriate from its investments in Venezuelan oil projects. Officials noted that this issue is being addressed within the scope of broader economic discussions. Following the meeting, Modi emphasized the importance of the India-Venezuela relationship for the Global South, citing potential expansions in cooperation across energy, critical minerals, technology, agriculture, and healthcare.
Rodríguez’s agenda in India also includes visits to industrial and energy facilities, notably the Reliance Industries refinery complex in Jamnagar, recognized as one of the world’s largest oil refining hubs and a significant processor of Venezuelan crude. This visit underscores the growing economic ties between India and Venezuela as both nations aim to strengthen collaboration in energy, trade, and strategic sectors.