Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez convened in New Delhi to discuss enhancing bilateral cooperation, focusing on key areas such as energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s four-day visit, leading a delegation that includes five ministers, underscores Venezuela’s significance as one of India’s primary crude oil suppliers amid efforts to diversify energy imports and manage global supply route disruptions.
In their dialogue, both nations explored the potential for a robust long-term energy partnership that encompasses oil exploration, production, and refining. Venezuela, which boasts some of the largest proven crude oil reserves globally, expressed its willingness for India to become a stable and enduring energy partner.
India emphasized the necessity of collaboration in critical minerals, such as gold and diamonds, and discussed joint exploration and resource development opportunities. The two countries also deliberated on expanding cooperation in the pharmaceutical sector, with India offering its expertise in affordable generic medicines and healthcare solutions. An issue concerning more than $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects was also raised by the Indian side. Officials indicated that this matter is part of broader economic discussions and remains under review.
Following the meeting, Modi highlighted that India and Venezuela are looking to enhance cooperation in fields like energy, critical minerals, technology, agriculture, and healthcare, while underscoring the importance of this relationship for the Global South. Rodríguez’s agenda also includes visits to industrial and energy facilities, such as the Reliance Industries refinery complex in Jamnagar, renowned as one of the world’s largest oil refining hubs and a significant processor of Venezuelan crude.
The visit signifies the growing economic ties between India and Venezuela, as both nations aim to deepen their cooperation in energy, trade, and strategic sectors, reflecting a mutual interest in strengthening their economic engagement.