In New Delhi, a significant dialogue took place between Indian Prime Minister Narendra Modi and Venezuela’s acting president, Delcy Rodríguez, aimed at bolstering bilateral cooperation. The discussions primarily focused on energy security, crucial minerals, the pharmaceutical industry, and trade collaboration. Rodríguez is on a four-day visit to India, accompanied by a high-level delegation of five ministers. This visit comes at a time when Venezuela has emerged as a major crude oil supplier to India. Amidst global supply chain disruptions, India is actively seeking to diversify its energy import sources.
During the meeting, both countries explored the potential of developing a long-term energy partnership, encompassing oil exploration, production, and refining. Holding some of the world’s largest certified crude oil reserves, Venezuela expressed its interest in viewing India as a stable and long-term energy partner. India also emphasized the significance of collaboration in the field of critical minerals, particularly gold and diamonds. The two sides deliberated on prospects for joint exploration and resource development.
Additionally, the discussions extended into the realm of pharmaceuticals, with both nations keen on enhancing cooperation. India offered to share its expertise in affordable generic medicines and healthcare services. The Indian side also raised the issue of difficulties in repatriating over $500 million in dividends related to investments by ONGC Videsh Limited (OVL) in Venezuelan oil projects. According to officials, this topic is being addressed as part of broader economic negotiations.
Following the meeting, Prime Minister Modi stated that India and Venezuela discussed expanding cooperation in energy, critical minerals, technology, agriculture, and healthcare. He highlighted that this partnership holds particular significance for the Global South. During her visit, Rodríguez is also set to tour India’s industrial and energy facilities, including the Reliance Industries refinery in Jamnagar. This refinery is one of the world’s largest oil refining complexes and serves as a key processing hub for Venezuelan crude oil.
This visit underscores the growing economic ties between India and Venezuela, as both nations strive to deepen collaboration in energy, trade, and other strategic areas. By fostering these connections, India and Venezuela are working towards enhancing their partnership across various sectors of mutual interest.