In New Delhi, Prime Minister Narendra Modi engaged in discussions with Venezuela’s acting President Delcy Rodríguez, focusing on enhancing bilateral ties with a particular emphasis on energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s four-day visit to India, accompanied by a delegation of five ministers, highlights Venezuela’s role as a significant supplier of crude oil to India, especially as India seeks to diversify its energy imports amid global supply chain disruptions.
The talks centered on the prospect of establishing a long-term energy partnership between the two nations, covering oil exploration, production, and refining. Venezuela, home to some of the world’s largest proven crude oil reserves, indicated a keen interest in India as a stable and enduring energy partner. Concurrently, India underscored the necessity of collaboration in the realm of critical minerals, such as gold and diamonds, exploring opportunities for joint exploration and resource development.
In the pharmaceutical sector, the conversations aimed at expanding cooperation, with India offering its expertise in affordable generic medicines and healthcare solutions. A significant concern raised by the Indian side involved the more than $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. Officials noted that this issue remains a topic of ongoing discussion within broader economic dialogues.
Following the meeting, Modi emphasized the importance of the India-Venezuela relationship for the Global South, highlighting discussions on expanding cooperation in areas such as energy, critical minerals, technology, agriculture, and healthcare. Rodríguez’s visit also includes tours of industrial and energy facilities, notably the Reliance Industries refinery complex in Jamnagar, which is one of the world’s largest oil refining hubs and a significant processor of Venezuelan crude.
This visit underscores the increasing economic engagement between India and Venezuela, as both nations look to deepen their cooperation in energy, trade, and strategic sectors. The meetings and visits reflect a mutual interest in strengthening ties that could have substantial implications for both countries’ economic and strategic landscapes.