In a bid to enhance bilateral cooperation, Indian Prime Minister Narendra Modi met with Venezuela’s acting President, Delcy Rodríguez, in New Delhi. Their discussions centered on energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit to India, spanning four days, underscores Venezuela’s importance as a key supplier of crude oil to India amidst global supply challenges. Leading a delegation that includes five ministers, Rodríguez aims to strengthen ties in various sectors.
The talks emphasized the potential for a long-term energy partnership, focusing on oil exploration, production, and refining. Venezuela, home to some of the world’s largest proven crude oil reserves, expressed a keen interest in India as a stable, long-term energy partner. The discussions also addressed India’s interest in critical minerals, such as gold and diamonds, with both countries exploring opportunities for joint exploration and resource development.
Furthermore, the dialogue extended to the pharmaceuticals sector, where India offered its expertise in affordable generic medicines and healthcare solutions. However, the Indian delegation raised concerns over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from investments in Venezuelan oil projects. This issue remains a focal point in broader economic discussions between the two nations.
Following the meeting, Prime Minister Modi highlighted the importance of expanding cooperation in energy, critical minerals, technology, agriculture, and healthcare, emphasizing the strategic value of the relationship for the Global South. Rodríguez’s itinerary also includes visits to industrial and energy sites, such as the Reliance Industries refinery complex in Jamnagar, which is one of the largest oil refining hubs globally and a significant processor of Venezuelan crude.
This visit marks a significant step in the growing economic engagement between India and Venezuela as both countries seek to deepen their collaboration in energy, trade, and strategic sectors. The discussions and site visits reflect a mutual desire to forge stronger ties and address key issues impacting both nations.