During a pivotal meeting in New Delhi, Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez engaged in discussions aimed at enhancing bilateral ties, with a significant emphasis on energy security, critical minerals, pharmaceuticals, and trade. Rodríguez, accompanied by a delegation of five ministers, is on a four-day visit to India. This visit underscores Venezuela’s emerging role as a key supplier of crude oil to India, as the latter seeks to diversify its energy imports amidst global supply chain disruptions.
The dialogue between the two leaders explored the potential for a long-term energy partnership, focusing on oil exploration, production, and refining. Given Venezuela’s vast proven crude oil reserves, it expressed interest in establishing a stable, enduring energy relationship with India. Additionally, the talks covered cooperation in critical minerals like gold and diamonds, with both countries examining joint exploration and resource development opportunities. The pharmaceutical sector was also a key topic, with India offering its expertise in affordable generic medicines and healthcare solutions.
An important economic issue was raised by the Indian side concerning over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. This matter is being addressed as part of broader economic discussions between the two nations. Following the meeting, Prime Minister Modi emphasized the significance of expanding collaboration in fields such as energy, critical minerals, technology, agriculture, and healthcare, noting the importance of this relationship for the Global South.
President Rodríguez’s itinerary includes visits to several industrial and energy facilities, including 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 highlights the growing economic engagement between India and Venezuela as they both look to deepen cooperation across energy, trade, and strategic sectors.