In a significant diplomatic engagement, Indian Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodriguez held talks in New Delhi to strengthen bilateral cooperation. The discussions focused primarily on energy security, critical minerals, the pharmaceutical industry, and trade collaboration. This meeting comes as Rodriguez embarks on a four-day visit to India, accompanied by a high-level delegation of five ministers. The visit is notably timed as Venezuela emerges as one of India’s key suppliers of crude oil, and India seeks to diversify its energy import sources amid global supply chain disruptions.
During the meeting, both nations explored the potential for a long-term energy partnership, encompassing oil exploration, production, and refining. With Venezuela holding some of the world’s largest proven reserves of crude oil, the country expressed a keen interest in viewing India as a stable and long-term energy partner. The Indian side also emphasized the significance of collaboration in the critical minerals sector, particularly concerning gold and diamonds, with discussions held on joint exploration and resource development possibilities.
The pharmaceutical sector was another area of focus, with conversations on enhancing cooperation. India offered to share its expertise in affordable generic drugs and healthcare services. Additionally, the Indian delegation addressed challenges related to the repatriation of over $500 million in dividends from ONGC Videsh Limited’s investments in Venezuelan oil projects. This issue is reportedly being addressed as part of broader economic discussions.
Following the meeting, Prime Minister Modi highlighted that India and Venezuela deliberated on increasing cooperation in energy, critical minerals, technology, agriculture, and healthcare sectors. He emphasized that this partnership holds special significance for the Global South. Moreover, during her visit, Rodriguez is scheduled to tour India’s industrial and energy facilities, including Reliance Industries’ refinery in Jamnagar, one of the world’s largest oil refining complexes and a major processing hub for Venezuelan crude.
This visit underscores the growing economic ties between India and Venezuela as both countries work towards deepening collaboration in energy, trade, and other strategic sectors. The talks are a testament to the evolving partnership and shared interests in enhancing mutual cooperation across various domains.