In New Delhi, Prime Minister Narendra Modi held discussions with Venezuela’s acting President Delcy Rodríguez to bolster bilateral ties, focusing on energy security, critical minerals, pharmaceuticals, and trade. Rodríguez is leading a delegation to India, including five ministers, for a four-day visit aimed at strengthening these strategic sectors. Amid global disruptions in supply routes, Venezuela has become a pivotal crude oil supplier to India, driving efforts to diversify energy imports.
The dialogue between the leaders centered on establishing a long-term energy partnership that encompasses oil exploration, production, and refining. With Venezuela boasting some of the largest proven crude oil reserves globally, the country expressed a keen interest in forming a stable, enduring energy alliance with India. This potential collaboration could significantly enhance India’s energy security landscape.
Discussions also delved into the realm of critical minerals, such as gold and diamonds, with both nations exploring joint exploration and resource development opportunities. The pharmaceutical sector was another focal point, with India proposing to share its expertise in affordable generic medicines and healthcare solutions, potentially expanding the scope of collaboration in this vital area.
A prominent issue raised by the Indian delegation was the repatriation of over $500 million in dividends by ONGC Videsh Limited from investments in Venezuelan oil projects. Officials indicated that this matter is under ongoing discussion and forms part of broader economic negotiations. Furthermore, Prime Minister Modi emphasized the importance of expanding cooperation in technology, agriculture, and healthcare, reinforcing the significance of the relationship for the Global South.
Rodríguez’s agenda in India includes visits to key industrial and energy sites, such as the Reliance Industries refinery complex in Jamnagar, a major global oil refining hub and significant processor of Venezuelan crude. This visit underscores the increasing economic engagement between India and Venezuela as both nations aim to deepen ties in energy, trade, and other strategic sectors.