In a significant diplomatic engagement, India’s Prime Minister Narendra Modi met with Venezuela’s acting President Delcy Rodríguez in New Delhi to discuss enhancing bilateral cooperation. The discussions centered on vital areas such as energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit, spanning four days, aims to strengthen ties between the two nations as Venezuela continues to be a crucial supplier of crude oil to India, amidst efforts to diversify energy imports due to global supply disruptions.
The talks delved into the potential for a long-term energy partnership, encompassing oil exploration, production, and refining. Venezuela, home to some of the largest proven crude oil reserves globally, showed a keen interest in establishing India as a stable, long-term partner in the energy sector. Furthermore, India underscored the importance of collaboration in critical minerals, including gold and diamonds, and the opportunities for joint exploration and resource development were thoroughly explored.
As part of the discussions, both countries examined expanding their collaboration in the pharmaceuticals sector. India, known for its expertise in affordable generic medicines and healthcare solutions, is looking to strengthen ties in this domain. However, financial concerns were also addressed, with the Indian delegation raising the issue of over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its investments in Venezuelan oil projects. Officials indicated that this matter continues to be part of broader economic negotiations.
Following the meeting, Prime Minister Modi emphasized the significance of the relationship between India and Venezuela, particularly for the Global South, as the two countries explored avenues for cooperation in various sectors, including technology, agriculture, and healthcare. Rodríguez’s visit also includes tours of industrial and energy facilities, notably the Reliance Industries refinery complex in Jamnagar, a key processor of Venezuelan crude and one of the world’s largest oil refining hubs.
This visit marks a growing economic engagement between India and Venezuela, as both nations seek to deepen their cooperation across energy, trade, and strategic sectors, reflecting a shared commitment to forging stronger ties in an evolving global landscape.