In New Delhi, Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez engaged in discussions aimed at bolstering bilateral ties, with a pronounced emphasis on energy security, critical minerals, pharmaceuticals, and trade relations. Rodríguez is visiting India for four days, heading a delegation that includes five ministers. This visit underscores Venezuela’s growing significance as a key crude oil supplier to India, as the latter seeks to diversify its energy imports amid global supply chain disruptions.
The talks delved into the potential for establishing a long-term energy partnership that spans oil exploration, production, and refining. Venezuela, home to some of the largest proven crude oil reserves in the world, showed keen interest in forging a stable and enduring energy relationship with India. Concurrently, India underscored the value of collaboration in the realm of critical minerals, such as gold and diamonds, and broached possibilities for joint exploration and resource development. Both nations also investigated avenues for expanding cooperation in the pharmaceutical sector, with India extending its expertise in affordable generic medications and healthcare solutions.
India raised concerns about over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. According to officials, this issue remains a topic of ongoing discussion and is being addressed within the broader framework of economic talks. Prime Minister Modi, following the meeting, remarked that the discussions included expanding cooperation in energy, critical minerals, technology, agriculture, and healthcare, highlighting the significance of the India-Venezuela relationship for the Global South.
President Rodríguez’s schedule also features visits to industrial and energy sites, notably the Reliance Industries refinery complex in Jamnagar. This facility, one of the largest oil refining hubs globally, plays a crucial role in processing Venezuelan crude. Her visit signifies the increasing economic engagement between India and Venezuela, as both nations strive to enhance cooperation in energy, trade, and strategic sectors.