In a significant move to bolster bilateral cooperation, Indian Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodriguez held crucial discussions in New Delhi. The talks primarily focused on energy security, critical minerals, the pharmaceutical industry, and trade collaboration. Rodriguez is on a four-day visit to India with a high-level delegation comprising five ministers, marking a pivotal moment as Venezuela emerges as a key crude oil supplier to India. Amid global supply chain disruptions, India is striving to diversify its energy import sources.
During their meeting, the two countries explored the potential for developing a long-term energy partnership, encompassing oil exploration, production, and refining. Venezuela, which possesses some of the world’s largest certified crude oil reserves, expressed its interest in viewing India as a stable and long-term energy partner. India, in turn, emphasized the importance of collaboration in the domain of critical minerals, particularly gold and diamonds, with both sides deliberating on the possibilities of joint exploration and resource development.
Cooperation in the pharmaceutical sector also featured prominently in the discussions. India offered to share its expertise in affordable generic medicines and healthcare services. Additionally, the Indian side raised concerns over the difficulties in repatriating dividends exceeding $500 million from investments made by ONGC Videsh Limited (OVL) in Venezuelan oil projects. This issue was addressed as part of the broader economic dialogues between the two nations.
Following the meeting, Prime Minister Modi highlighted that India and Venezuela have deliberated on enhancing collaboration in energy, critical minerals, technology, agriculture, and healthcare sectors. He remarked that this partnership holds particular significance for the Global South. Meanwhile, during her visit, Rodriguez is also scheduled to tour India’s industrial and energy facilities, including the Reliance Industries refinery in Jamnagar, which is considered one of the world’s largest oil refining complexes and a key processing hub for Venezuelan crude oil.
This visit underscores the growing economic ties between India and Venezuela, as both countries work towards deepening cooperation in energy, trade, and other strategic areas. The discussions and potential collaborations reflect a shared commitment to strengthening bilateral relations and addressing mutual interests in a rapidly changing global landscape.