In a bid to fortify bilateral ties, Indian Prime Minister Narendra Modi engaged in discussions with Venezuela’s acting President Delcy Rodríguez in New Delhi. Their talks centered on enhancing cooperation across various sectors including energy security, critical minerals, pharmaceuticals, and trade. Rodríguez, leading a delegation of five ministers, is on a four-day visit to India. This visit underscores Venezuela’s growing role as a significant crude oil supplier to India amidst global efforts to diversify energy imports and mitigate disruptions in supply routes.
Energy collaboration was a focal point, with both nations considering a long-term partnership encompassing oil exploration, production, and refining. Venezuela, home to some of the largest proven crude oil reserves globally, expressed a keen interest in establishing India as a reliable, long-term energy ally. Additionally, discussions highlighted the potential for cooperation in critical minerals, particularly in gold and diamonds, exploring avenues for joint exploration and resource development.
The pharmaceutical sector also featured prominently in the talks, with India showcasing its expertise in affordable generic medicines and healthcare solutions. Furthermore, the Indian side brought attention to the ongoing issue regarding over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. Officials indicated that this matter is under continuous discussion within the broader economic dialogue framework.
Following the meeting, Modi emphasized the significance of the India-Venezuela relationship for the Global South, focusing on expanding cooperation in energy, critical minerals, technology, agriculture, and healthcare. Rodríguez’s itinerary in India also includes visits to key industrial and energy facilities, such as the Reliance Industries refinery complex in Jamnagar, a major global oil refining hub and significant processor of Venezuelan crude.
This visit marks a step forward in the economic engagement between India and Venezuela, as both nations aim to strengthen collaboration in strategic sectors, notably energy and trade. The interactions reflect a mutual commitment to deepening ties and exploring new opportunities for partnership in various domains.