Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez convened in New Delhi to discuss enhancing bilateral relations, particularly in the areas of energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s four-day visit to India, where she leads a delegation including five ministers, underscores Venezuela’s increasing role as a significant supplier of crude oil to India amid global supply chain disruptions and India’s pursuit of diversified energy imports.
Key discussions during their meeting centered on establishing a sustainable energy partnership that encompasses oil exploration, production, and refining. Venezuela, known for having some of the largest proven reserves of crude oil globally, is keen on forging a stable, long-term energy relationship with India. Additionally, the talks highlighted mutual interests in critical minerals such as gold and diamonds, with both nations exploring potential avenues for joint exploration and resource development.
Pharmaceuticals emerged as another focal point, with India offering its expertise in affordable generic medicines and healthcare solutions to expand collaboration. Meanwhile, India addressed financial concerns, particularly regarding over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its Venezuelan oil project investments. This issue remains part of ongoing broader economic discussions between the two countries.
Following the discussions, Modi emphasized the importance of expanding cooperation across various sectors, including energy, critical minerals, technology, agriculture, and healthcare, highlighting the significance of this partnership for the Global South. Rodríguez’s visit also includes tours of industrial and energy facilities, notably the Reliance Industries refinery complex in Jamnagar, which is one of the largest oil refining hubs globally and a key processor of Venezuelan crude.
This visit signals a strengthening economic relationship between India and Venezuela, as both nations aim to deepen their cooperation in energy, trade, and strategic sectors, marking a pivotal step in their ongoing engagement.