In a significant move to bolster bilateral ties, Indian Prime Minister Narendra Modi welcomed Venezuela’s acting President Delcy Rodríguez to New Delhi for talks focused on enhancing cooperation, particularly in the domains of energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit to India spans four days and she is accompanied by a delegation comprising five ministers. This visit underscores Venezuela’s growing role as a vital crude oil supplier to India, as the South Asian nation seeks to diversify its energy sources amid global supply chain disruptions.
The discussions between the two leaders centered on the potential for a long-term energy partnership, which would encompass oil exploration, production, and refining. Given Venezuela’s possession of some of the largest proven crude oil reserves globally, the country is keen on India establishing itself as a stable and long-term partner in energy. Concurrently, India expressed interest in collaborating on critical minerals such as gold and diamonds, contemplating joint exploration and resource development opportunities.
The dialogue also touched upon expanding collaboration in the pharmaceutical sector. India, known for its expertise in affordable generic medicines and healthcare solutions, sees potential in extending its pharmaceutical reach in Venezuela. However, economic discussions were not without their challenges; the Indian side voiced concerns over more than $500 million in dividends that the Indian company ONGC Videsh Limited has been unable to repatriate from its Venezuelan oil investments. Officials indicated that this issue remains a topic of ongoing dialogue.
Following the meeting, Prime Minister Modi emphasized the importance of the partnership for the Global South, highlighting discussions on expanding cooperation across energy, critical minerals, technology, agriculture, and healthcare. This engagement reflects the deepening economic relationship between India and Venezuela, as both nations seek to enhance collaboration in strategic sectors.
Rodríguez’s itinerary in India also includes visits to key industrial and energy sites, notably the Reliance Industries refinery complex in Jamnagar. As one of the world’s largest oil refining hubs, this facility is a significant processor of Venezuelan crude, illustrating the operational ties between the two countries. The visit marks a pivotal moment in strengthening economic ties, positioning both nations to capitalize on mutual opportunities in energy and trade.