In a significant diplomatic engagement, Indian Prime Minister Narendra Modi met with Venezuela’s acting President Delcy Rodríguez in New Delhi to discuss enhancing bilateral ties, with a primary focus on energy security, critical minerals, pharmaceuticals, and trade. The talks come as part of a four-day visit by Rodríguez, who is leading a delegation that includes five ministers, underscoring Venezuela’s emerging role as a major crude oil supplier to India. This visit aligns with India’s strategy to diversify its energy imports amidst global supply chain disruptions.
The discussions centered on the potential for a long-term energy partnership spanning oil exploration, production, and refining. Venezuela, known for holding some of the largest proven crude oil reserves globally, expressed a keen interest in establishing a stable long-term energy relationship with India. Furthermore, both nations explored collaboration opportunities in critical minerals such as gold and diamonds, with India emphasizing the potential for joint exploration and resource development.
In addition to energy and minerals, the two countries are looking to strengthen ties in the pharmaceutical sector. India offered its expertise in producing affordable generic medicines, alongside healthcare solutions, to boost cooperation in this vital area. However, economic discussions also highlighted financial concerns, particularly India’s interest in resolving issues surrounding over $500 million in dividends that ONGC Videsh Limited has been unable to repatriate from its Venezuelan oil investments. Officials noted that this matter is part of broader economic talks.
Prime Minister Modi, in a statement following the meeting, emphasized the importance of the India-Venezuela relationship for the Global South, highlighting discussions on expanding cooperation in energy, critical minerals, technology, agriculture, and healthcare. As part of her itinerary, Rodríguez is also scheduled to visit industrial and energy facilities, including the massive Reliance Industries refinery complex in Jamnagar, which is one of the world’s largest oil refining hubs and a significant processor of Venezuelan crude.
This visit marks a deepening economic engagement between India and Venezuela, as both nations aim to fortify cooperation in vital sectors such as energy and trade, reflecting their shared strategic interests. The talks and subsequent visits are poised to further bolster the economic ties between the two countries, paving the way for a stronger partnership in addressing mutual challenges and opportunities.