In a bid to bolster bilateral ties, India’s Prime Minister Narendra Modi engaged in discussions with Venezuela’s acting President Delcy Rodríguez in New Delhi. The talks primarily focused on enhancing collaboration in areas such as energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit to India, spanning four days, leads a delegation of five ministers and underscores Venezuela’s position as a significant crude oil provider for India, which is actively diversifying its energy imports amid global supply chain disruptions.
The dialogues between the two nations explored the prospect of establishing a long-term energy partnership that encompasses oil exploration, production, and refining. With Venezuela holding some of the largest proven reserves of crude oil globally, it expressed a keen interest in fostering a stable and enduring energy partnership with India. In addition to energy, the discussions delved into the potential for cooperation in critical minerals such as gold and diamonds, with both countries considering joint exploration and development of resources.
Pharmaceutical collaboration was another key area of focus, as India offered its expertise in providing affordable generic medicines and healthcare solutions. However, economic issues were also on the agenda, with India raising concerns about more than $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. Officials indicated that this issue is part of the ongoing economic talks between the two nations.
Following the meeting, Prime Minister Modi emphasized the significance of expanding cooperation across various sectors including energy, critical minerals, technology, agriculture, and healthcare. He highlighted the importance of the relationship in the context of the Global South. Meanwhile, Rodríguez’s itinerary in India includes visits to notable industrial and energy facilities, notably the Reliance Industries refinery complex in Jamnagar, recognized as one of the world’s largest oil refining hubs and a significant processor of Venezuelan crude.
This visit signifies a growing economic engagement between India and Venezuela as both countries seek to deepen their cooperation in energy, trade, and strategic sectors. The strengthened relations reflect a mutual interest in expanding partnerships and addressing shared challenges in the evolving global economic landscape.