In a significant diplomatic engagement, Indian Prime Minister Narendra Modi met with Venezuela’s acting President Delcy Rodríguez in New Delhi to discuss enhancing bilateral cooperation. The discussions primarily focused on energy security, critical minerals, the pharmaceutical industry, and trade cooperation. Rodríguez is on a four-day visit to India, accompanied by a high-level delegation comprising five ministers. This visit comes at a time when Venezuela has emerged as a major crude oil supplier to India, which is seeking to diversify its energy import sources amid global supply chain disruptions.
During the meeting, both nations explored the possibility of developing a long-term energy partnership, which would include oil exploration, production, and refining. Venezuela, known to possess some of the world’s largest certified crude oil reserves, expressed interest in viewing India as a stable and long-term energy partner. India also emphasized the importance of cooperation in the area of critical minerals, particularly gold and diamonds, with discussions centered around joint exploration and resource development opportunities.
The pharmaceutical sector was another key area of discussion, with both sides deliberating on enhancing collaboration. India offered to share its expertise in affordable generic medicines and healthcare services. Additionally, the Indian side raised concerns regarding the repatriation of over $500 million in dividends from investments by ONGC Videsh Limited (OVL) in Venezuelan oil projects. This issue is being addressed as part of the broader economic negotiations between the two countries.
Following the meeting, Prime Minister Modi issued a statement highlighting that India and Venezuela are keen to boost cooperation in energy, critical minerals, technology, agriculture, and healthcare. He noted that this partnership holds particular significance for the Global South. As part of her visit, Rodríguez is also set to tour India’s industrial and energy facilities, including the Reliance Industries refinery in Jamnagar, one of the largest oil refining complexes globally and a key processing center for Venezuelan crude oil.
This visit underscores the growing economic ties between India and Venezuela as both nations work towards deepening collaboration in energy, trade, and other strategic sectors. The interactions reflect a mutual interest in strengthening their partnership, aligning with broader efforts to foster economic growth and stability in both countries.