In a bid to bolster bilateral cooperation, Indian Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez engaged in discussions in New Delhi, emphasizing energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit, spanning four days, is part of a strategic initiative as Venezuela becomes a pivotal crude oil supplier for India, amidst the latter’s efforts to diversify energy imports and mitigate disruptions in global supply chains.
The talks delved into the establishment of a long-term energy partnership, encompassing oil exploration, production, and refining. With Venezuela being home to some of the largest proven crude oil reserves globally, there is a keen interest from Caracas in positioning India as a stable and enduring energy partner. India, on its part, underscored the significance of collaboration in critical minerals such as gold and diamonds, exploring avenues for joint exploration and resource development. Additionally, the discussions touched upon expanding ties in the pharmaceutical sector, leveraging India’s strengths in affordable generic medicines and healthcare solutions.
A significant issue raised by the Indian delegation was the challenge faced by ONGC Videsh Limited in repatriating over $500 million in dividends from its investments in Venezuelan oil projects. Officials noted that this concern is being addressed within the broader framework of economic discussions between the two nations.
Following the meeting, Prime Minister Modi highlighted the importance of enhancing cooperation in diverse areas, including energy, critical minerals, technology, agriculture, and healthcare, stressing the role of the India-Venezuela relationship in benefiting the Global South. As part of her itinerary, Rodríguez is set to visit various industrial and energy facilities, notably the Reliance Industries refinery complex in Jamnagar, which stands as one of the largest oil refining hubs worldwide and is a key processor of Venezuelan crude.
This visit underscores the strengthening economic engagement between India and Venezuela, as both countries aim to deepen cooperation across energy, trade, and strategic sectors. The evolving partnership reflects a shared commitment to leveraging mutual strengths and addressing global challenges through enhanced bilateral ties.