In New Delhi, Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez engaged in discussions aimed at bolstering bilateral cooperation, focusing heavily on energy security, critical minerals, pharmaceuticals, and trade. Rodríguez is visiting India for four days, accompanied by a delegation that includes five ministers. This visit is significant as Venezuela has become a major supplier of crude oil to India, aiding in India’s strategy to diversify energy imports and mitigate global supply chain disruptions.
The talks delved into the potential for a long-term energy partnership encompassing oil exploration, production, and refining. With Venezuela holding some of the largest proven crude oil reserves worldwide, the country is keen to establish India as a consistent long-term energy partner. Additionally, India emphasized the necessity of cooperation in critical minerals such as gold and diamonds, discussing joint exploration and resource development opportunities. The pharmaceutical sector also featured prominently in the discussions, with India offering its expertise in producing affordable generic medicines and healthcare solutions.
A significant issue raised by the Indian side was the more than $500 million in dividends that ONGC Videsh Limited has been unable to transfer from its investments in Venezuelan oil projects. This matter remains on the table and is being addressed within the broader economic discussions. Following the meeting, Prime Minister Modi highlighted that India and Venezuela explored expanding cooperation across energy, critical minerals, technology, agriculture, and healthcare. He emphasized the significance of this relationship for the Global South.
President Rodríguez’s agenda includes visits to key industrial and energy sites, notably the Reliance Industries refinery complex in Jamnagar. This complex is one of the largest oil refining hubs globally and plays a crucial role in processing Venezuelan crude. The visit underscores the increasing economic ties between India and Venezuela, as both nations aim to deepen collaboration in energy, trade, and strategic sectors.
