In a significant development aimed at strengthening bilateral cooperation, Indian Prime Minister Narendra Modi engaged in crucial talks with Venezuela’s acting President Delcy Rodriguez in New Delhi. The discussions centered around energy security, critical minerals, pharmaceutical industry, and trade collaboration. Rodriguez is on a four-day visit to India, accompanied by a high-level delegation of five ministers. This visit comes at a time when Venezuela has emerged as a key crude oil supplier to India, which is seeking to diversify its energy import sources amid global supply chain disruptions.
During the meeting, both nations explored the potential for developing a long-term energy partnership that encompasses oil exploration, production, and refining. Venezuela, which possesses some of the world’s largest certified crude oil reserves, expressed interest in viewing India as a stable and long-term energy partner. India also emphasized the importance of collaboration in the area of critical minerals, particularly in gold and diamonds, and both parties deliberated on the prospects of joint exploration and resource development.
There was also a focus on enhancing cooperation in the pharmaceuticals sector. India offered to share its expertise in affordable generic medicines and healthcare services. The Indian side raised concerns about the difficulties faced in repatriating over $500 million in dividends from ONGC Videsh Limited’s (OVL) investments in Venezuelan oil projects. According to officials, this issue is part of broader economic discussions between the two countries.
Following the meeting, Prime Minister Modi stated that India and Venezuela discussed expanding cooperation in energy, critical minerals, technology, agriculture, and healthcare sectors. He noted that this partnership holds particular significance for the Global South. During her visit, Rodriguez is also set to tour India’s industrial and energy facilities, including Reliance Industries’ refinery in Jamnagar, which is one of the largest oil refining complexes in the world and a major processing center for Venezuelan crude oil.
This visit underscores the growing economic ties between India and Venezuela, as both countries work towards deepening cooperation in energy, trade, and other strategic areas.