In New Delhi, Prime Minister Narendra Modi engaged in discussions with Venezuela’s acting President Delcy Rodríguez to bolster bilateral cooperation, emphasizing areas such as energy security, critical minerals, pharmaceuticals, and trade. Rodríguez, who is leading a delegation including five ministers on a four-day visit to India, aims to strengthen ties at a time when Venezuela has become a significant crude oil supplier to India. This visit is part of India’s broader strategy to diversify its energy imports and manage global supply chain disruptions.
The talks between the two leaders focused on exploring the potential for a long-term energy partnership, encompassing oil exploration, production, and refining. Venezuela, with some of the largest proven crude oil reserves in the world, expressed a keen interest in establishing a stable and enduring energy relationship with India. Furthermore, India underscored the significance of collaboration in critical minerals such as gold and diamonds, and both nations considered joint efforts in exploration and resource development.
Expanding cooperation in the pharmaceutical sector was another key agenda item, with India offering its expertise in affordable generic medicines and healthcare solutions. However, financial issues were also on the table, particularly concerning the $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. Officials noted that this issue is being addressed within the context of broader economic discussions.
Prime Minister Modi, in a statement following their meeting, highlighted the discussions on expanding cooperation across various sectors, including energy, critical minerals, technology, agriculture, and healthcare. He emphasized the importance of the India-Venezuela relationship for the Global South, reflecting the strategic significance of their growing economic engagement.
During her visit, Rodríguez’s schedule includes tours of industrial and energy facilities, notably the Reliance Industries refinery complex in Jamnagar. This facility is one of the largest oil refining hubs globally and a major processor of Venezuelan crude. The visit underscores a shared commitment to deepening cooperation in energy, trade, and strategic sectors, further solidifying the economic ties between India and Venezuela.