In a significant diplomatic engagement, Prime Minister Narendra Modi met with Venezuela’s acting President Delcy Rodríguez in New Delhi to discuss the enhancement of bilateral cooperation. The dialogue concentrated on areas critical to both nations, such as energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit to India spans four days, leading a delegation that includes five ministers, underscoring the importance of this meeting amidst Venezuela’s role as a key crude oil supplier to India.
The discussions primarily focused on establishing a long-term energy partnership, encompassing oil exploration, production, and refining. Given Venezuela’s vast proven crude oil reserves, there is a keen interest from Venezuela in solidifying India as a reliable long-term energy partner. This comes at a time when India is actively diversifying its energy imports to mitigate disruptions in global supply routes.
Another focal point of the talks was the cooperation in critical minerals, including gold and diamonds, with both countries exploring joint exploration and resource development opportunities. The pharmaceutical sector was also highlighted, with India offering its expertise in affordable generic medicines and healthcare solutions. However, the Indian side raised the issue of over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. This issue remains under discussion as part of broader economic talks between the two nations.
Following the meeting, Prime Minister Modi emphasized the importance of expanding cooperation in various sectors, including energy, critical minerals, technology, agriculture, and healthcare, particularly for the Global South. As part of her itinerary, Rodríguez is set to visit key industrial and energy facilities, including 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 highlights the growing economic engagement between India and Venezuela as both countries aim to deepen their cooperation in strategic sectors like energy and trade. The discussions and planned visits indicate a mutual commitment to strengthening ties and exploring new avenues for collaboration.