In a significant diplomatic engagement, Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez convened in New Delhi to discuss enhancing bilateral cooperation, with a particular emphasis on energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit, spanning four days with a delegation that includes five ministers, underscores Venezuela’s emerging role as a crucial supplier of crude oil to India. This relationship comes at a time when India is actively diversifying its energy imports to mitigate disruptions in global supply chains.
The discussions between the two leaders aimed at establishing a long-term energy partnership, focusing on oil exploration, production, and refining. Venezuela, known for having some of the world’s largest proven crude oil reserves, is keen on India becoming a reliable long-term partner in its energy sector. The dialogue also covered the importance of cooperation in critical minerals such as gold and diamonds, with both nations exploring joint exploration and resource development opportunities.
Additionally, there was a focus on expanding collaboration in the pharmaceuticals sector. India, with its expertise in affordable generic medicines and healthcare solutions, presented several potential areas for joint ventures. However, India raised concerns over the $500 million in dividends that ONGC Videsh Limited has yet to repatriate from its investments in Venezuelan oil projects. This issue remains under negotiation as part of broader economic discussions.
Prime Minister Modi highlighted the broader scope of cooperation, noting that discussions also touched upon technology, agriculture, and healthcare, stressing the partnership’s significance for the Global South. Rodríguez’s visit includes inspections of industrial and energy facilities, notably the Reliance Industries refinery complex in Jamnagar. This refinery is one of the largest oil refining hubs globally and a significant processor of Venezuelan crude.
This visit marks an intensifying economic engagement between India and Venezuela, as both nations aim to deepen cooperation across energy, trade, and strategic sectors, reflecting a mutual interest in expanding their partnership on various fronts.