In a significant dialogue aimed at bolstering bilateral cooperation, Indian Prime Minister Narendra Modi met with Venezuela’s acting president, Delcy Rodriguez, in New Delhi. The discussions focused on energy security, critical minerals, the pharmaceutical industry, and trade collaboration, highlighting the multifaceted partnership both nations are eager to develop.
Delcy Rodriguez is in India for a four-day visit, accompanied by a high-level delegation of five ministers. This visit comes at a crucial time as Venezuela has emerged as one of India’s key crude oil suppliers. Amid global supply chain disruptions, India is striving to diversify its energy import sources, making this engagement particularly timely.
During the meeting, both countries explored the potential for a long-term energy partnership, which would encompass oil exploration, production, and refining. Venezuela, which holds some of the world’s largest certified crude oil reserves, expressed its interest in viewing India as a stable and enduring energy partner. Emphasizing the significance of collaborating on critical minerals, particularly gold and diamonds, India highlighted the importance of joint exploration and resource development.
Expanding cooperation in the pharmaceutical sector was also a topic of discussion. India offered to share its expertise in affordable generic medicines and healthcare services, reflecting its established strength in the pharmaceutical industry. Furthermore, the Indian side raised concerns about the difficulties in repatriating over $500 million in dividends related to ONGC Videsh Limited’s oil projects in Venezuela, a subject set to be addressed as part of broader economic dialogues.
Following the meeting, Prime Minister Modi stated that both nations deliberated on enhancing cooperation in energy, critical minerals, technology, agriculture, and healthcare sectors, underscoring the partnership’s significance to the Global South. During her visit, Rodriguez will also tour India’s industrial and energy facilities, including the Reliance Industries refinery in Jamnagar, one of the largest oil refining complexes globally and a key processing center for Venezuelan crude. This visit reflects the deepening economic ties between India and Venezuela, as both countries work towards strengthening collaboration in energy, trade, and other strategic areas.