In a bid to fortify bilateral relations, Indian Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez engaged in discussions in New Delhi, centering on energy security, critical minerals, pharmaceuticals, and trade. This visit underscores Venezuela’s role as a vital crude oil supplier to India, a part of India’s broader strategy to diversify its energy sources amid global supply chain challenges.
Rodríguez’s four-day visit to India, accompanied by a delegation including five ministers, aims to explore long-term partnerships in energy. The dialogue focused on oil exploration, production, and refining, with Venezuela keen on establishing a stable, long-term energy partnership with India. With some of the largest proven crude oil reserves worldwide, Venezuela sees India as a promising partner in its energy sector.
Beyond energy, the talks also delved into potential cooperation in critical minerals such as gold and diamonds, with both nations considering joint exploration and resource development. The pharmaceutical sector was another focal point, with India proposing its expertise in affordable generic medicines and healthcare solutions to Venezuela.
Economic discussions also addressed India’s concerns over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from Venezuelan oil projects. Officials indicated that this issue remains under discussion, forming part of broader economic negotiations. In a statement post-meeting, Modi emphasized expanding cooperation in energy, critical minerals, technology, agriculture, and healthcare, highlighting the relationship’s significance for the Global South.
Rodríguez’s agenda includes visits to key industrial and energy sites, notably the Reliance Industries refinery complex in Jamnagar, a major processor of Venezuelan crude oil. This visit signifies an increasing economic engagement between India and Venezuela, reflecting both countries’ intentions to enhance collaboration across energy, trade, and strategic sectors.