In a significant diplomatic engagement, Indian Prime Minister Narendra Modi held talks with Venezuela’s acting President Delcy Rodriguez in New Delhi to strengthen bilateral cooperation. The discussions primarily focused on energy security, critical minerals, the pharmaceutical industry, and trade collaboration. Rodriguez is on a four-day visit to India, 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, aligning with India’s efforts to diversify its energy import sources amid global supply chain disruptions.
During the meeting, both nations explored the potential for developing a long-term energy partnership, encompassing oil exploration, production, and refining. Venezuela, which boasts some of the largest proven crude oil reserves in the world, expressed its interest in viewing India as a stable and long-term energy partner. India, on its part, emphasized the importance of cooperation in the field of critical minerals, particularly gold and diamonds, and both sides deliberated on possibilities for joint exploration and resource development.
The talks also addressed enhancing collaboration in the pharmaceuticals sector, with India offering to share its expertise in affordable generic medicines and healthcare services. Additionally, the Indian side raised the issue of challenges faced in repatriating over $500 million in dividends from investments made by ONGC Videsh Limited (OVL) in Venezuelan oil projects. This matter is being discussed as part of broader economic negotiations, according to officials.
In a statement following the meeting, Prime Minister Modi highlighted that India and Venezuela discussed expanding cooperation in areas such as energy, critical minerals, technology, agriculture, and healthcare. He noted that this partnership holds particular significance for the Global South. During her visit, Rodriguez is also scheduled to tour India’s industrial and energy facilities, including the Reliance Industries refinery in Jamnagar, considered one of the largest oil refining complexes globally and a key processing center for Venezuelan crude oil.
This visit underscores the growing economic ties between India and Venezuela as both countries work towards deepening cooperation in energy, trade, and other strategic sectors. The engagement marks a step forward in fortifying their bilateral relationship against the backdrop of shifting global economic dynamics.