India and Venezuela are strengthening their partnership, with Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez meeting in New Delhi to discuss key areas of collaboration. The talks centered on energy security, critical minerals, and trade, underscoring Venezuela’s role as a major crude oil supplier to India. This meeting comes amid India’s efforts to diversify its energy imports and navigate global supply disruptions.
Rodríguez, who is leading a delegation of five ministers on a four-day visit to India, explored the potential for a long-term energy partnership with India. Venezuela, home to some of the world’s largest proven crude oil reserves, is keen on India becoming a stable, long-term energy partner. The discussions extended to oil exploration, production, and refining, highlighting the strategic importance of energy cooperation for both nations.
Beyond energy, the two countries are looking at joint ventures in critical minerals such as gold and diamonds, as well as expanding their pharmaceutical collaborations. India, known for its expertise in affordable generic medicines, sees opportunities in providing healthcare solutions. The Indian government also raised concerns about over $500 million in dividends from ONGC Videsh Limited’s Venezuelan oil projects that have yet to be repatriated. Officials indicated that this issue is part of broader economic discussions.
Following the meeting, Modi emphasized the significance of the relationship between India and Venezuela, particularly for the Global South. The discussions included potential cooperation in technology, agriculture, and healthcare, marking a comprehensive approach to bilateral ties. Rodríguez’s visit will also include tours of industrial and energy sites, notably the Reliance Industries refinery in Jamnagar, a key processor of Venezuelan crude.
This visit signifies a deepening economic engagement between India and Venezuela, with both countries eager to bolster cooperation across energy, trade, and strategic sectors. As they explore new avenues of collaboration, the focus remains on building a robust partnership that can address mutual economic interests and challenges.
