During a noteworthy diplomatic engagement in New Delhi, Prime Minister Narendra Modi met with Venezuela’s acting President Delcy Rodríguez to discuss strengthening bilateral ties, focusing on energy security and trade. The meeting emphasized collaboration in critical minerals, pharmaceuticals, and various economic sectors. Rodríguez’s visit, which spans four days and includes a delegation of five ministers, underlines Venezuela’s role as a key crude oil supplier to India. This comes amid India’s efforts to diversify its energy imports and navigate global supply disruptions.
The talks highlighted the potential for a long-term energy partnership, exploring avenues in oil exploration, production, and refining. Venezuela, known for its vast proven crude oil reserves, expressed a keen interest in establishing India as a stable, enduring energy partner. Additionally, discussions centered on critical minerals such as gold and diamonds, with both nations examining opportunities for joint exploration and development.
India’s expertise in affordable generic medicines and healthcare solutions was also a topic of interest, with both countries considering ways to enhance collaboration in the pharmaceutical sector. A significant economic point raised by the Indian side was the issue of over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from Venezuelan oil investments. This financial matter remains under negotiation as part of broader economic discussions.
In a statement post-meeting, Prime Minister Modi underscored the dialogue’s focus on expanding cooperation across several key areas, including energy, critical minerals, technology, agriculture, and healthcare. He emphasized the strategic importance of India-Venezuela relations for the Global South. Rodríguez’s itinerary includes visits to significant industrial and energy sites, such as the Reliance Industries refinery complex in Jamnagar, a major processor of Venezuelan crude and one of the world’s largest oil refining hubs.
The visit symbolizes the deepening economic engagement between India and Venezuela as they seek to bolster cooperation in energy, trade, and strategic sectors, reflecting a mutual interest in enhancing their partnership on the global stage.