Prime Minister Narendra Modi recently held discussions with Venezuela’s acting President Delcy Rodríguez in New Delhi, focusing on enhancing bilateral cooperation in energy security, critical minerals, pharmaceuticals, and trade. Rodríguez is visiting India with a delegation that includes five ministers, marking an effort to strengthen ties as Venezuela becomes a significant supplier of crude oil to India. This partnership is part of India’s strategy to diversify energy imports and navigate global supply chain disruptions.
The discussions centered on creating a long-term energy partnership, exploring opportunities in oil exploration, production, and refining. Venezuela, home to some of the largest proven crude oil reserves globally, expressed a keen interest in establishing India as a stable long-term energy partner. Both countries also delved into potential collaborations in critical minerals such as gold and diamonds, considering joint exploration and resource development initiatives.
India emphasized the potential for expanding pharmaceutical collaboration, leveraging its strengths in providing affordable generic medicines and healthcare solutions. However, the Indian side also raised concerns about over $500 million in dividends that ONGC Videsh Limited is unable to repatriate from its investments in Venezuelan oil projects. Officials indicated that these financial issues are being addressed within broader economic discussions.
After the meeting, Prime Minister Modi highlighted the discussions on expanding cooperation in various sectors, including energy, critical minerals, technology, agriculture, and healthcare. He underscored the significance of the India-Venezuela relationship, particularly for the Global South. Rodríguez’s visit also includes tours of industrial and energy facilities, notably the Reliance Industries refinery complex in Jamnagar, a major processor of Venezuelan crude and one of the largest oil refining hubs worldwide.
This visit underscores the growing economic engagement between India and Venezuela, as both nations aim to deepen cooperation in energy, trade, and strategic sectors. The ongoing dialogue and planned collaborations reflect a mutual interest in strengthening ties and addressing shared economic challenges.