Prime Minister Narendra Modi recently hosted Venezuela’s acting President Delcy Rodríguez in New Delhi for discussions aimed at bolstering bilateral ties, with a particular emphasis on energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit, which spans four days and includes a delegation of five ministers, underscores Venezuela’s significance as one of India’s key suppliers of crude oil. This meeting comes at a time when India is actively seeking to diversify its energy imports to mitigate disruptions in global supply chains.
The dialogue between the two leaders concentrated on the potential for a long-term energy partnership. This would encompass oil exploration, production, and refining, leveraging Venezuela’s vast proven crude oil reserves. The South American nation expressed a keen interest in establishing India as a stable, long-term energy partner. Furthermore, the discussions highlighted the importance of cooperation in critical minerals, such as gold and diamonds, with both countries exploring joint exploration and resource development opportunities.
Pharmaceutical collaboration was also on the agenda, with India offering its expertise in providing affordable generic medicines and healthcare solutions. However, a pressing issue for the Indian side was the 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 matter is being addressed within the scope of broader economic discussions.
Following the talks, Prime Minister Modi emphasized the significance of expanding cooperation in various sectors, including energy, critical minerals, technology, agriculture, and healthcare, highlighting the importance of the India-Venezuela relationship for the Global South. Rodríguez’s itinerary also features visits to industrial and energy installations, such as the Reliance Industries refinery complex in Jamnagar, which is one of the largest oil refining hubs globally and a major processor of Venezuelan crude oil.
This visit marks a strengthening of economic relations between India and Venezuela, as both nations look to deepen their cooperation in energy, trade, and strategic sectors, reflecting a growing mutual interest in expanding their partnership on multiple fronts.