In New Delhi, Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez engaged in discussions aimed at enhancing bilateral cooperation, particularly in the sectors of energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit to India, which spans four days and includes a delegation of five ministers, underscores Venezuela’s strategic role as a significant supplier of crude oil to India. This visit is part of India’s broader strategy to diversify its energy imports amid global supply chain disruptions.
During their talks, the two leaders deliberated on establishing a long-term partnership in the energy sector, focusing on oil exploration, production, and refining. Venezuela, home to some of the largest proven crude oil reserves globally, expressed a desire for India to serve as a stable, long-term energy partner. Additionally, the discussions highlighted the potential for collaboration in critical minerals, such as gold and diamonds, with both countries considering joint exploration and resource development.
The dialogue also extended to the pharmaceutical industry, where India is offering its expertise in producing affordable generic medicines and healthcare solutions. However, economic issues were also on the agenda, as India raised concerns over more than $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. Officials have indicated that these matters are being addressed within the framework of broader economic talks.
Following the meeting, Modi emphasized the importance of expanding cooperation with Venezuela in areas such as energy, critical minerals, technology, agriculture, and healthcare, underscoring the significance of this relationship for the Global South. As part of her visit, Rodríguez is also set to tour industrial and energy facilities, including the Reliance Industries refinery complex in Jamnagar, which is among the world’s largest oil refining hubs and a key processor of Venezuelan crude.
This visit marks a strengthening of economic ties between India and Venezuela, as both nations aim to deepen their collaboration across energy, trade, and strategic sectors. The engagement reflects a shared interest in building a robust partnership that addresses mutual economic and strategic goals.