In a bid to bolster bilateral ties, Prime Minister Narendra Modi met with Venezuela’s acting President Delcy Rodríguez in New Delhi, focusing on enhancing cooperation in areas such as energy security, critical minerals, pharmaceuticals, and trade. Rodríguez is on a four-day visit to India, accompanied by a delegation that includes five ministers, underscoring Venezuela’s growing importance as one of India’s major crude oil suppliers amidst efforts to diversify energy sources and mitigate disruptions in global supply chains.
The talks centered around forming a long-term energy partnership involving oil exploration, production, and refining. Venezuela, home to some of the largest proven crude oil reserves globally, is keen on establishing India as a stable, enduring energy partner. Both countries also delved into the potential for collaboration in critical minerals, including gold and diamonds, with discussions on joint exploration and resource development on the agenda. In the pharmaceutical sector, India offered its expertise in affordable generic medicines and healthcare solutions, aiming to expand partnerships in this area.
During the discussions, the Indian side raised the issue of over $500 million in dividends that ONGC Videsh Limited has yet to repatriate from its investments in Venezuelan oil projects. Officials noted that this matter is part of broader economic talks and remains under negotiation. Following the meeting, Modi released a statement highlighting the dialogue’s focus on expanding cooperation in energy, critical minerals, technology, agriculture, and healthcare, underscoring the relationship’s significance for the Global South.
As part of her visit, Rodríguez is scheduled to tour industrial and energy facilities, including the Reliance Industries refinery complex in Jamnagar. This facility is one of the largest oil refining hubs in the world and plays a crucial role in processing Venezuelan crude. The visit signifies the increasing economic engagement between India and Venezuela, as both nations aim to deepen collaboration across energy, trade, and strategic sectors.