In a significant diplomatic engagement, Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez convened in New Delhi to discuss enhancing bilateral cooperation, with a pronounced emphasis on energy security, critical minerals, pharmaceuticals, and trade. Rodríguez, leading a delegation of five ministers, is on a four-day visit to India, underscoring Venezuela’s role as a pivotal supplier of crude oil to India amid global supply chain disruptions and India’s efforts to diversify energy imports.
The discussions between the two leaders revolved around forging a long-term partnership in the energy sector, encompassing oil exploration, production, and refining. With Venezuela holding some of the world’s largest proven crude oil reserves, the country has shown interest in solidifying India as a stable and enduring energy partner. Additionally, India underscored the importance of collaboration in critical minerals such as gold and diamonds, exploring joint ventures in exploration and resource development.
Pharmaceuticals also featured prominently in the talks, with India offering its expertise in affordable generic medicines and healthcare solutions. However, economic relations have not been without challenges. The Indian side raised concerns over more than $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. This issue remains a point of discussion within broader economic negotiations.
Following the meeting, Prime Minister Modi emphasized the significance of expanding cooperation in energy, critical minerals, technology, agriculture, and healthcare, highlighting the importance of the India-Venezuela relationship for the Global South. President Rodríguez’s itinerary in India also includes visits to industrial and energy sites, notably the Reliance Industries refinery complex in Jamnagar, which is one of the largest oil refining hubs globally and a significant processor of Venezuelan crude.
This visit marks a deepening of economic ties between India and Venezuela, as both nations seek to enhance collaboration in energy, trade, and strategic sectors, reflecting a broader trend of growing engagement in these areas.