Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez convened in New Delhi to discuss enhancing bilateral relations, with a primary focus on energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit to India spans four days, accompanied by a delegation of five ministers, highlighting Venezuela’s role as a significant crude oil supplier to India, especially as India seeks to diversify its energy imports amidst global supply route disruptions.
The talks emphasized the potential for a long-term energy partnership, encompassing oil exploration, production, and refining. Venezuela, boasting some of the world’s largest proven crude oil reserves, expressed a keen interest in establishing India as a stable long-term energy partner. Concurrently, India underscored the significance of cooperation in critical minerals such as gold and diamonds, exploring possibilities for joint exploration and development of resources. Discussions also covered expanding pharmaceutical collaboration, with India offering its expertise in affordable generic medicines and healthcare solutions.
One of the pressing issues raised by the Indian delegation was the challenge faced by ONGC Videsh Limited in repatriating over $500 million in dividends from its investments in Venezuelan oil projects. This matter is being addressed as part of broader economic dialogues between the two nations. Following the meeting, Modi emphasized the importance of expanding cooperation across energy, critical minerals, technology, agriculture, and healthcare, noting the significance of the India-Venezuela relationship for the Global South.
Rodríguez’s itinerary includes visits to industrial and energy sites, notably the Reliance Industries refinery complex in Jamnagar, known as one of the largest oil refining hubs globally and a major processor of Venezuelan crude. This visit underscores the growing economic ties between India and Venezuela as both nations aim to strengthen cooperation in energy, trade, and strategic sectors.