In a significant diplomatic engagement, Indian Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez convened in New Delhi to discuss enhancing bilateral cooperation. The discussions centered around crucial areas such as energy security, critical minerals, pharmaceuticals, and trade. This meeting underscores Venezuela’s role as a key crude oil supplier to India, a strategic partner in diversifying energy imports amid global supply chain disruptions.
Rodríguez, leading a delegation of five ministers, is on a four-day official visit to India. The talks explored the potential for a long-term energy partnership that encompasses oil exploration, production, and refining. Venezuela, possessing some of the largest proven crude oil reserves worldwide, conveyed its eagerness for India to become a stable, long-term energy ally. The dialogue also emphasized the importance of collaboration in critical minerals like gold and diamonds, with discussions on joint exploration and resource development opportunities.
The pharmaceutical sector emerged as another focal point, with India offering its expertise in affordable generic medicines and healthcare solutions. However, economic discussions also addressed issues like the repatriation of over $500 million in dividends that ONGC Videsh Limited has yet to recover from its Venezuelan oil project investments. Indian officials indicated that this matter is being tackled within the broader economic negotiations framework.
Following the meeting, Prime Minister Modi highlighted the discussions on expanding cooperation across energy, critical minerals, technology, agriculture, and healthcare sectors, stressing the significance of the Indo-Venezuelan relationship for the Global South. Rodríguez’s visit itinerary includes tours of industrial and energy sites, notably the Reliance Industries refinery complex in Jamnagar, one of the largest oil refining hubs globally and a primary processor of Venezuelan crude.
This visit marks a strengthening of economic ties between India and Venezuela, as both nations aim to deepen cooperation in energy, trade, and strategic sectors. The increased engagement reflects a mutual commitment to fostering a robust partnership, pivotal for regional and global economic dynamics.
