In an effort to bolster bilateral relations, Prime Minister Narendra Modi engaged in discussions with Venezuela’s acting President Delcy Rodríguez during her visit to New Delhi, focusing on energy security, critical minerals, pharmaceuticals, and trade. Rodríguez, accompanied by a delegation that includes five ministers, is on a four-day visit to India. This visit underscores Venezuela’s role as a significant crude oil supplier to India as the latter looks to diversify its energy imports amid global supply chain disruptions.
The talks emphasized the potential for a long-term energy partnership, with Venezuela eager to establish India as a reliable partner in oil exploration, production, and refining. Given that Venezuela holds some of the largest proven crude oil reserves worldwide, the discussions are pivotal for both nations. Additionally, India and Venezuela explored opportunities for cooperation in critical minerals such as gold and diamonds, considering joint exploration and development as viable paths forward.
India’s pharmaceutical industry, known for its expertise in affordable generic medicines, was also highlighted during the talks, with both countries examining ways to expand collaboration in this sector. A significant point of concern from the Indian side was the issue of over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. Officials noted that this issue is part of broader economic discussions currently underway.
Following the meeting, Prime Minister Modi emphasized the importance of expanding cooperation in sectors such as energy, critical minerals, technology, agriculture, and healthcare, noting the significance of the relationship for the Global South. As part of her itinerary, Rodríguez is set to tour industrial and energy facilities, including the Reliance Industries refinery complex in Jamnagar, a major processor of Venezuelan crude and one of the largest oil refining hubs globally.
This visit marks an increase in economic engagement between India and Venezuela, as both countries aim to deepen their cooperation in energy, trade, and strategic sectors. The discussions and subsequent activities reflect a mutual interest in strengthening ties and enhancing collaboration in key areas that are vital for both nations’ economic growth and stability.