In a significant diplomatic engagement, Prime Minister Narendra Modi welcomed Venezuela’s acting President Delcy Rodríguez to New Delhi, focusing on enhancing bilateral ties, particularly in the sectors of energy security, critical minerals, pharmaceuticals, and trade. Rodríguez, accompanied by a team of five ministers, is on a four-day visit to India. This visit underscores Venezuela’s role as a vital crude oil supplier to India, amidst the latter’s strategic move to diversify energy imports due to global supply chain disruptions.
The talks between the two leaders delved into the prospects of a long-term energy partnership, encompassing oil exploration, production, and refining. Venezuela, known for its vast proven reserves of crude oil, extended an invitation to India to become a consistent and reliable energy partner. Furthermore, India underscored the significance of collaboration in critical minerals such as gold and diamonds, exploring avenues for joint exploration and resource development.
Pharmaceuticals emerged as a key area of potential collaboration, with India offering its expertise in generic medicines and healthcare solutions. However, economic discussions also brought to light concerns over more than $500 million in dividends that ONGC Videsh Limited has yet to repatriate from its investments in Venezuelan oil projects. Officials indicated that this issue remains an ongoing topic within the broader framework of economic dialogue.
Following their discussions, Modi highlighted the importance of expanding cooperation across energy, critical minerals, technology, agriculture, and healthcare, underscoring the relationship’s value to the Global South. As part of her itinerary, Rodríguez is set to visit industrial and energy facilities, including the Reliance Industries refinery complex in Jamnagar, a significant hub for oil refining and a key processor of Venezuelan crude.
This visit marks a deepening of economic engagement between India and Venezuela, as both nations aim to strengthen collaboration in energy, trade, and strategic sectors, reflecting mutual interests and the potential for future partnerships.