In a bid to bolster bilateral cooperation, Indian Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez engaged in significant discussions in New Delhi, emphasizing energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit to India, extending over four days, highlights Venezuela’s role as a pivotal crude oil supplier to India, especially as the country seeks to diversify its energy imports amid global supply chain disruptions.
The talks underscored prospects for a lasting energy partnership, with a focus on oil exploration, production, and refining. Notably, Venezuela, home to some of the largest proven crude oil reserves globally, is keen on establishing India as a dependable long-term energy ally. The discussions also delved into the realm of critical minerals, such as gold and diamonds, and considered opportunities for joint exploration and resource development. In the pharmaceutical sector, both nations evaluated possibilities for collaboration, leveraging India’s expertise in affordable generic medicines and healthcare solutions.
A significant issue on the agenda was the $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. This matter remains under discussion as part of broader economic negotiations. Prime Minister Modi emphasized the importance of expanding cooperation across energy, critical minerals, technology, agriculture, and healthcare, underscoring the strategic nature of the India-Venezuela relationship for the Global South.
Rodríguez’s visit also includes tours of key industrial and energy sites, notably the Reliance Industries refinery complex in Jamnagar, recognized as one of the largest oil refining hubs globally and a significant processor of Venezuelan crude. These engagements reflect an increasing economic collaboration between India and Venezuela, as both nations strive to deepen ties in energy, trade, and strategic sectors.