PM Modi, Venezuela’s Acting President Delcy Rodríguez Discuss Long-Term Energy, Pharma and Critical Minerals Partnership

Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez held high-level talks in New Delhi on Thursday focused on building a long-term strategic partnership in energy, pharmaceuticals, agriculture, technology, and critical minerals. The discussions come at a time when India is actively diversifying its energy imports and Venezuela is emerging as a key crude oil supplier.

Rodríguez is on a four-day official visit to India, accompanied by a delegation of five ministers. This marks her first visit since assuming interim leadership of Venezuela following a political transition earlier this year.

According to Indian officials, the talks at Hyderabad House did not include joint media statements but were described as productive and wide-ranging. In a post on social media, PM Modi highlighted that both sides discussed expanding cooperation in energy, healthcare, agriculture, technology, and critical minerals, noting that Venezuela is an important partner for the Global South.

India currently ranks as one of the world’s largest oil importers, while Venezuela holds the world’s largest proven crude reserves. Officials described the relationship as complementary, with strong potential for collaboration in both upstream exploration and downstream refining activities.

During the briefing, India’s Ministry of External Affairs highlighted that Venezuela has become India’s third-largest oil supplier after Russia and the United Arab Emirates. This shift reflects India’s strategy to secure stable energy sources amid global supply disruptions, including instability in West Asia.

The Indian side also raised concerns regarding more than $500 million in pending dividend repatriation owed to ONGC Videsh Ltd from its investments in Venezuelan oil projects. Officials said the matter remains under discussion and is being handled sensitively as part of broader economic engagement.

On payment mechanisms, Indian officials noted that existing arrangements would continue, taking into account international financial restrictions affecting Venezuela’s oil trade flows.

Both sides also explored opportunities in pharmaceuticals, where India’s low-cost generic drug manufacturing capacity was identified as a key area of cooperation. Additionally, discussions covered mining and critical minerals, including gold and diamonds, with Venezuela expressing interest in joint exploration and resource assessment.

Rodríguez is also scheduled to visit Reliance Industries’s Jamnagar refinery in Gujarat, one of the world’s largest oil refining complexes, which processes a significant portion of Venezuela’s heavy crude exports. She is also expected to visit pharmaceutical and automotive facilities in New Delhi during her stay.

Beyond official engagements, the Venezuelan leader is expected to make a private visit to Puttaparthi in Andhra Pradesh.

Officials on both sides described the engagement as part of a broader effort to strengthen long-term bilateral ties and deepen cooperation in sectors central to energy security and economic development.