In a bid to enhance bilateral ties, Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez engaged in discussions in New Delhi, focusing primarily on energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit to India, spanning four days, is marked by the presence of a delegation that includes five ministers. This visit underscores Venezuela’s evolving role as a significant supplier of crude oil to India, as the latter seeks to diversify its energy sources and mitigate the effects of global supply chain disruptions.
During the conversations, both countries considered the potential for establishing a long-term energy alliance that encompasses oil exploration, production, and refining. Venezuela, known for holding some of the largest proven crude oil reserves globally, expressed a keen interest in forging a stable and enduring energy partnership with India. The dialogue also included discussions on cooperation in critical minerals such as gold and diamonds, with an emphasis on joint exploration and resource development initiatives.
India showcased its pharmaceutical capabilities by offering its expertise in affordable generic medicines and healthcare solutions, seeking to expand collaboration in this sector. A significant point of concern for India was the issue of more than $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. Officials pointed out that this concern is part of broader economic discussions currently underway.
Following the meeting, Modi highlighted the shared interest in 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. Rodríguez’s agenda also encompasses visits to key industrial and energy sites, notably the Reliance Industries refinery complex in Jamnagar, which stands as one of the largest oil refining hubs globally and plays a crucial role in processing Venezuelan crude.
The visit signifies a growing economic relationship between India and Venezuela, as both nations aim to deepen their collaboration in strategic sectors such as energy and trade. This development reflects a mutual interest in strengthening ties and enhancing cooperation in areas vital for both countries’ economic futures.