PM Modi and President Delcy Rodríguez explore India-Venezuela energy ties at Delhi meet, deepen Strategic Energy Partnership

Prime Minister Shri Narendra Modi welcomed Acting President Rodríguez and held extensive delegation-level talks, followed by a working lunch, focusing on expanding cooperation across key sectors including energy, critical minerals, technology, agriculture, healthcare, pharmaceuticals, transportation, and people-to-people exchanges.     Sharing details of the discussions, Secretary (East) in the Ministry of External Affairs, Rudrendra Tandon, highlighted the natural complementarity between the two countries in the energy sector.  “Venezuela possesses one of the largest oil reserves in the world, while India is one of the fastest-growing energy consumers with stable long-term demand. This creates a perfect complementarity for a deeper and more comprehensive energy partnership,” Tandon stated.

He noted that Venezuela has already emerged as India’s third-largest supplier of spot crude oil purchases this month, underlining the growing significance of bilateral energy ties. Discussions focused on enhancing cooperation across both upstream and downstream segments of the petroleum industry.

Prime Minister Modi emphasized the importance of the relationship, describing Venezuela as a valued partner in Latin America and an important collaborator for advancing the aspirations of the Global South…According to Indian officials, the Venezuelan energy sector is undergoing a significant transformation, opening new opportunities for collaboration. India is keen to leverage its expertise across the energy value chain, while Venezuela views India as a reliable and long-term partner in meeting future energy demand.

As part of her visit, Acting President Rodríguez is scheduled to tour Jamnagar, Gujarat, home to Reliance Industries’ world-leading integrated refining complex. The visit aims to showcase India’s advanced capabilities in refining, petrochemicals, and energy infrastructure. She will also visit a leading pharmaceutical company in Delhi and a Tata Motors manufacturing facility to explore broader industrial cooperation.      Beyond energy, both sides identified significant opportunities for Indian businesses in Venezuela’s resource-rich economy, particularly in mining, agriculture machinery, animal husbandry, transportation, automobiles, and pharmaceuticals. Discussions also covered mechanisms to facilitate greater participation of Indian companies in the Venezuelan market.  India raised concerns regarding pending payments and dividends owed to Indian pharmaceutical companies and oil joint ventures operating in Venezuela. Officials indicated that the Venezuelan side acknowledged these concerns and expressed willingness to address them.

“There is an acknowledgement from the Venezuelan side that India has stood by Venezuela in good and bad times. It is a longstanding relationship, and India remains a preferred partner for Venezuela’s future development,” Tandon noted.

Healthcare cooperation also featured prominently in the discussions. Prime Minister Modi highlighted India’s globally recognized generic pharmaceutical industry and suggested that Venezuelan officials study the successful Jan Aushadhi initiative, which provides affordable medicines to millions through a nationwide network of dedicated outlets.       The visit is expected to pave the way for a renewed phase of economic engagement, reinforcing energy security, industrial collaboration, and South-South cooperation between the two nations.