In a significant diplomatic engagement, Indian Prime Minister Narendra Modi and Venezuela’s acting President, Delcy Rodriguez, conducted pivotal discussions in New Delhi aimed at strengthening bilateral cooperation. The talks primarily focused on energy security, critical minerals, the pharmaceutical industry, and trade collaboration. Rodriguez is on a four-day visit to India with a high-level delegation comprising five ministers, at a time when Venezuela has emerged as one of India’s key crude oil suppliers. This visit underscores India’s efforts to diversify its energy import sources amid global supply chain challenges.
During the meeting, the two countries explored the possibility of developing a long-term energy partnership that encompasses oil exploration, production, and refining. Venezuela, possessing one of the world’s largest proven crude oil reserves, expressed interest in viewing India as a stable and long-term energy partner. Furthermore, India underscored the importance of collaboration in critical minerals, particularly in the gold and diamond sectors. Both parties deliberated on prospects for joint exploration and resource development.
The dialogue also extended to enhancing cooperation in the pharmaceutical sector. India offered to share its expertise in affordable generic medicines and healthcare services. Another significant issue raised by the Indian side was the challenge of repatriating dividends exceeding $500 million linked to ONGC Videsh Limited’s Venezuelan oil projects. Officials noted that this matter is under discussion as part of broader economic talks.
Following the meeting, Prime Minister Modi stated that the discussions encompassed cooperation in energy, critical minerals, technology, agriculture, and healthcare sectors, emphasizing the partnership’s importance for the Global South. During her visit, Rodriguez is scheduled to tour India’s industrial and energy facilities, including Reliance Industries’ refinery in Jamnagar, one of the world’s largest oil refining complexes and a major processing center for Venezuelan crude oil.
This visit highlights the deepening economic ties between India and Venezuela as both nations work towards enhancing collaboration in energy, trade, and other strategic sectors.