In a significant diplomatic engagement, Prime Minister Narendra Modi hosted Venezuela’s acting President Delcy Rodríguez in New Delhi for discussions aimed at bolstering bilateral ties, particularly in the sectors of energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit to India, spanning four days, is marked by her leadership of a delegation that includes five ministers. This visit is occurring at a pivotal time when Venezuela has become a crucial crude oil supplier for India, amid India’s strategic efforts to diversify its energy imports and navigate global supply chain disruptions.
During their talks, both nations delved into the prospect of establishing a long-term energy collaboration, encompassing oil exploration, production, and refining. Venezuela, home to some of the largest proven crude oil reserves globally, is keen on India becoming a reliable and enduring energy partner. India, on its part, underscored the significance of partnering in the realm of critical minerals such as gold and diamonds, discussing joint exploration and development of resources.
The dialogue also extended to pharmaceuticals, where potential collaborations were explored, with India offering its renowned expertise in affordable generic medicines and healthcare solutions. A pressing issue discussed was India’s concern over more than $500 million in dividends that ONGC Videsh Limited has been unable to transfer from its Venezuelan oil investments. Officials indicated that this financial matter is part of broader economic discussions and is actively being addressed.
Following the discussions, Prime Minister Modi emphasized in a statement the mutual interest in expanding cooperation across various sectors, including energy, critical minerals, technology, agriculture, and healthcare. He highlighted the importance of this bilateral relationship within the context of the Global South. Rodríguez’s visit also includes tours of industrial and energy sites, notably the Reliance Industries refinery complex in Jamnagar, which stands as one of the world’s largest oil refining centers and a key processor of Venezuelan crude.
This visit signals a deepening economic engagement between India and Venezuela, as both countries aim to enhance cooperation in energy, trade, and strategic sectors, reflecting a shared vision for strengthening their bilateral relationship.