Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodriguez engaged in significant discussions in New Delhi aimed at strengthening bilateral cooperation. The talks primarily focused on energy security, critical minerals, the pharmaceutical industry, and trade collaboration. Rodriguez is in India for a four-day visit, accompanied by a high-level delegation of five ministers. This visit comes at a time when Venezuela has emerged as one of India’s key crude oil suppliers. Amid global supply chain disruptions, India is striving to diversify its energy import sources.
During the meeting, both countries explored the potential for developing a long-term energy partnership, encompassing oil exploration, production, and refining. Venezuela, which possesses one of the world’s largest certified crude oil reserves, expressed interest in viewing India as a stable and long-term energy partner. India also emphasized the importance of collaboration in critical minerals, particularly in gold and diamonds. Both sides deliberated on the possibilities of joint exploration and resource development in these areas.
Discussions also extended to the realm of pharmaceuticals, where India offered to share its expertise in affordable generic medicines and healthcare services. Additionally, the Indian side raised concerns about the challenges in repatriating dividends exceeding $500 million related to ONGC Videsh Limited’s (OVL) oil projects in Venezuela. According to officials, this issue is subject to discussion as part of broader economic talks.
In a statement released after the meeting, Prime Minister Modi mentioned that India and Venezuela discussed enhancing cooperation in sectors such as energy, critical minerals, technology, agriculture, and healthcare. He noted that this partnership holds special significance for the Global South. During her visit, Rodriguez is also expected to tour India’s industrial and energy facilities, including Reliance Industries’ refinery in Jamnagar, recognized as one of the largest oil refining complexes globally and a major processing center for Venezuelan crude oil.
This visit underscores the growing economic ties between India and Venezuela as both nations work towards deepening cooperation in energy, trade, and other strategic sectors.