In New Delhi, Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez engaged in discussions aimed at enhancing bilateral cooperation, with a significant emphasis on energy security, critical minerals, pharmaceuticals, and trade. Rodríguez is leading a delegation, including five ministers, on a four-day visit to India. This visit is particularly timely as Venezuela has become a crucial supplier of crude oil to India, amidst the country’s ongoing efforts to diversify its energy imports and mitigate global supply chain disruptions.
The talks focused on the potential for establishing a long-term energy partnership between the two nations, which would encompass oil exploration, production, and refining. Venezuela, home to some of the largest proven crude oil reserves in the world, expressed its interest in India as a stable, long-term energy partner. In addition to energy, India underscored the significance of collaboration in critical minerals such as gold and diamonds, exploring joint exploration and resource development opportunities.
Further, discussions extended to expanding cooperation in the pharmaceutical sector, with India offering its expertise in affordable generic medicines and healthcare solutions. However, economic ties faced a challenge as India brought up the issue of over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. Both sides acknowledged that the matter remains under discussion as part of broader economic negotiations.
Following the meeting, Modi highlighted the dialogues on expanding cooperation in multiple sectors, including energy, critical minerals, technology, agriculture, and healthcare, emphasizing their importance for the Global South. Rodríguez’s visit also includes tours of industrial and energy facilities, notably the Reliance Industries refinery complex in Jamnagar, which stands as one of the world’s largest oil refining hubs and a key processor of Venezuelan crude.
This visit signifies a strengthening economic engagement between India and Venezuela, as both countries aim to deepen their cooperation across energy, trade, and strategic sectors.