In a significant move to enhance bilateral ties, Indian Prime Minister Narendra Modi engaged in discussions with Venezuela’s acting President Delcy Rodríguez in New Delhi, focusing on areas like energy security, critical minerals, pharmaceuticals, and trade. Rodríguez’s visit is part of a four-day trip to India, leading a delegation that includes five ministers. This visit underscores Venezuela’s evolving role as a crucial supplier of crude oil to India, amid India’s ongoing efforts to diversify its energy imports and manage global supply chain disruptions.
The talks centered on the potential for a long-term energy alliance involving oil exploration, production, and refining. Venezuela, home to some of the largest proven crude oil reserves globally, signaled its interest in establishing India as a steady energy partner. Concurrently, India highlighted the need for collaboration in critical minerals such as gold and diamonds, proposing joint ventures in exploration and resource development. Additionally, both nations looked at expanding their pharmaceutical collaborations, capitalizing on India’s expertise in affordable generic medicines and healthcare solutions.
A significant issue discussed was the challenge faced by ONGC Videsh Limited in repatriating over $500 million in dividends from Venezuelan oil investments. Indian officials indicated that this issue is being addressed within the broader scope of economic dialogues between the two countries. The discussions also covered potential cooperation in technology, agriculture, and healthcare, reflecting the strategic importance of the India-Venezuela relationship for the Global South.
As part of her itinerary, Rodríguez is scheduled to visit key industrial and energy sites, including the Reliance Industries refinery complex in Jamnagar. This facility, one of the largest oil refining hubs globally, plays a critical role in processing Venezuelan crude oil. Her visit signifies the increasing economic engagement between India and Venezuela, as both nations aim to deepen their cooperation across energy, trade, and strategic sectors.
The visit and subsequent discussions highlight the mutual desire to strengthen economic ties, with an emphasis on strategic sectors that are pivotal to both countries’ growth ambitions. The collaboration between India and Venezuela is seen as a vital element in fostering a robust relationship that benefits the broader Global South.