In New Delhi, Prime Minister Narendra Modi engaged in discussions with Venezuela’s acting President Delcy Rodríguez, aiming to bolster cooperation between the two nations, especially in the domains of energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s four-day visit to India is marked by the presence of a delegation that includes five Venezuelan ministers. This visit underscores Venezuela’s growing role as a significant crude oil supplier to India, as the latter strives to diversify its energy imports amidst global supply chain disruptions.
The talks delved into the potential for a long-term partnership in the energy sector, focusing on oil exploration, production, and refining. Venezuela, known for having some of the largest proven crude oil reserves globally, has shown an interest in establishing a stable, long-term energy alliance with India. Additionally, discussions highlighted the significance of cooperation in critical minerals like gold and diamonds, exploring avenues for joint exploration and resource development.
Pharmaceuticals also featured prominently in the dialogue, with India showcasing its capabilities in providing affordable generic medicines and healthcare solutions. However, an economic issue was brought to the forefront by the Indian delegation concerning over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil ventures. Officials indicated that this matter is being addressed within the broader economic discussions.
Following the meeting, Modi emphasized the conversation’s breadth, which included energy, critical minerals, technology, agriculture, and healthcare, underscoring the strategic importance of the relationship for the Global South. Rodríguez’s agenda in India also features visits to industrial and energy sites, notably the Reliance Industries refinery complex in Jamnagar. This facility is one of the world’s largest oil refining hubs and plays a crucial role in processing Venezuelan crude.
This visit signifies the growing economic ties between India and Venezuela, as both countries aim to enhance cooperation across energy, trade, and strategic sectors. The engagement reflects a mutual desire to deepen relations and address shared challenges through collaborative efforts.