In a significant move to bolster bilateral ties, Indian Prime Minister Narendra Modi engaged in crucial discussions with Venezuela’s interim President Delcy Rodriguez in New Delhi. The talks focused on enhancing cooperation in energy security, critical minerals, the pharmaceutical industry, and trade. Rodriguez is on a four-day visit to India, accompanied by a high-level delegation of five ministers, as Venezuela emerges as a key supplier of crude oil to India. The visit is part of India’s strategy to diversify its energy import sources amid disruptions in the global supply chain.
During the meeting, both countries explored the potential for developing a long-term energy partnership encompassing oil exploration, production, and refining. Venezuela, which boasts one of the world’s largest proven crude oil reserves, expressed interest in positioning India as a stable and long-term energy partner. India also emphasized the importance of collaboration in the field of critical minerals, particularly gold and diamonds, with discussions on joint exploration and resource development prospects.
The talks also covered expanding cooperation in the pharmaceutical sector, with India offering to share its expertise in affordable generic medicines and healthcare services. Additionally, the Indian side addressed challenges related to repatriating over $500 million in dividends from ONGC Videsh Limited’s investments in Venezuela’s oil projects, a topic included in the broader economic discussions.
Following the meeting, Prime Minister Modi stated that India and Venezuela had discussed enhancing collaboration in energy, critical minerals, technology, agriculture, and healthcare. He highlighted the partnership’s special significance for the Global South. During her visit, Rodriguez is set to tour India’s industrial and energy facilities, including the Reliance Industries refinery in Jamnagar, one of the world’s largest oil refining complexes and a key processing center for Venezuelan crude oil.
This visit underscores the growing economic ties between India and Venezuela as both nations work towards deepening cooperation in energy, trade, and other strategic areas.