In New Delhi, Prime Minister Narendra Modi engaged in discussions with Venezuela’s acting President Delcy Rodríguez to enhance bilateral cooperation with a particular focus on energy security, critical minerals, pharmaceuticals, and trade. The meeting underscored Venezuela’s importance as a crucial crude oil supplier for India, especially as the country seeks to diversify its energy imports amid global supply chain challenges.
Rodríguez’s visit to India spans four days and she is accompanied by a delegation of five ministers. During their talks, both nations deliberated on establishing a long-term energy partnership, which would encompass oil exploration, production, and refining. With its vast reserves of proven crude oil, Venezuela expressed a keen interest in forging a stable, enduring energy relationship with India.
The Indian government also emphasized the significance of cooperation in critical minerals, such as gold and diamonds. Opportunities for joint exploration and resource development were considered, alongside discussions on expanding collaboration in the pharmaceutical sector. India offered its expertise in providing affordable generic medicines and healthcare solutions, which could be beneficial for both countries.
Concerns were raised by the Indian side regarding over $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 ongoing economic discussions. Following the meeting, Modi highlighted the dialogue’s focus on energy, critical minerals, technology, agriculture, and healthcare, underscoring the relationship’s importance for the Global South.
Rodríguez’s schedule in India also includes visits to industrial and energy sites, such as the Reliance Industries refinery complex in Jamnagar. This facility, known as one of the largest oil refining hubs globally, plays a significant role in processing Venezuelan crude. Her visit marks a continued effort to deepen economic ties between India and Venezuela, particularly in energy, trade, and strategic sectors.