In an effort to bolster bilateral ties, Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez engaged in discussions in New Delhi, with a particular emphasis on energy security, critical minerals, pharmaceuticals, and trade cooperation. Rodríguez, accompanied by a delegation of five ministers, is on a four-day visit to India. This visit underscores Venezuela’s role as a significant crude oil supplier to India, which is actively diversifying its energy sources amid global supply chain challenges.
The talks highlighted the potential for a long-term energy partnership between the two nations, focusing on oil exploration, production, and refining. Venezuela, home to some of the largest proven crude oil reserves globally, expressed a strong interest in establishing India as a stable and reliable energy partner. The discussions also covered the importance of collaboration in critical minerals such as gold and diamonds, exploring avenues for joint exploration and resource development.
India extended its expertise in affordable generic medicines and healthcare solutions, proposing expanded cooperation in the pharmaceutical sector. However, the Indian delegation also raised concerns about over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. This issue remains under discussion, with officials indicating it is part of a broader economic dialogue.
Following the meeting, Prime Minister Modi emphasized the significance of the relationship for the Global South, noting that India and Venezuela discussed enhancing cooperation in energy, critical minerals, technology, agriculture, and healthcare. As part of her visit, Rodríguez is also scheduled to tour industrial and energy facilities, including the Reliance Industries refinery complex in Jamnagar, a major processor of Venezuelan crude and one of the world’s largest oil refining hubs.
This visit marks a deepening of economic engagement between India and Venezuela, with both countries eager to expand collaboration in energy, trade, and strategic sectors, reflecting their shared interests and mutual benefits.