In a significant diplomatic engagement in New Delhi, Indian Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodriguez held talks aimed at strengthening bilateral cooperation. The discussions primarily focused on energy security, critical minerals, the pharmaceutical sector, and trade cooperation between the two nations.
President Rodriguez is on a four-day visit to India, accompanied by a high-level delegation of five ministers. Her visit comes at a time when Venezuela has emerged as a key supplier of crude oil to India. Amid global supply chain disruptions, India is actively working to diversify its energy import sources to ensure stability and security.
During their meeting, both countries explored the potential for developing a long-term energy partnership that encompasses oil exploration, production, and refining. Venezuela, which boasts some of the world’s largest proven crude oil reserves, expressed interest in establishing India as a stable and long-term energy partner.
The talks also highlighted the importance of collaboration in critical minerals, particularly in the sectors of gold and diamonds. The two sides deliberated on the possibilities of joint exploration and resource development. Additionally, discussions were held to enhance cooperation in the pharmaceutical sector, with India offering to share its expertise in affordable generic medicines and healthcare services.
Furthermore, the Indian delegation raised concerns about the difficulties faced in repatriating dividends exceeding $500 million from ONGC Videsh Limited’s oil projects in Venezuela. Officials noted that this issue was part of broader economic discussions. Following the meeting, Prime Minister Modi emphasized the significance of enhancing cooperation in energy, critical minerals, technology, agriculture, and healthcare, noting that this partnership holds particular importance for the Global South. During her visit, President Rodriguez is also set to tour India’s industrial and energy facilities, including the Reliance Industries refinery in Jamnagar—one of the world’s largest oil refining complexes and a key processing center for Venezuelan crude oil. This visit underscores the growing economic ties between India and Venezuela as they work towards deepening cooperation in energy, trade, and other strategic sectors.