In a significant move to bolster bilateral ties, Indian Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez engaged in discussions aimed at enhancing cooperation in energy security, critical minerals, pharmaceuticals, and trade. The talks, which took place in New Delhi, centered on forging a robust partnership in these key sectors as Venezuela becomes an increasingly vital supplier of crude oil to India amidst global supply chain disruptions.
Rodríguez, who is leading a delegation of five ministers on a four-day visit to India, emphasized Venezuela’s interest in establishing a long-term energy partnership with India. With some of the world’s largest proven crude oil reserves, Venezuela is keen to solidify India as a stable energy partner. Both nations examined prospects for collaboration in oil exploration, production, and refining to further solidify this partnership.
The discussions extended beyond energy, with India stressing the importance of cooperation in critical minerals, such as gold and diamonds. Opportunities for joint exploration and resource development were explored, along with expanding collaboration in pharmaceuticals. India offered its expertise in producing affordable generic medicines and healthcare solutions, which could prove beneficial to both countries.
During the talks, India also raised the issue of more than $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. Officials noted that the matter is part of broader economic discussions aimed at resolving outstanding financial issues. Prime Minister Modi highlighted the significance of expanding cooperation in energy, minerals, technology, agriculture, and healthcare, underscoring the importance of the India-Venezuela relationship for the Global South.
Rodríguez’s visit also includes tours of industrial and energy sites, such as the Reliance Industries refinery complex in Jamnagar, one of the largest oil refining hubs globally and a major processor of Venezuelan crude. This visit marks a growing economic engagement between the two nations as they seek to deepen ties in energy, trade, and strategic sectors, reflecting a mutual interest in strengthening their collaborative efforts.