Venezuela’s Acting President Delcy Rodriguez visited India from June 3-6, fostering opportunities for bilateral cooperation in energy, critical minerals, automotive, and pharma sectors between the two nations. India, heavily reliant on oil imports, is eyeing Venezuela’s vast oil reserves. In 2012, India surpassed China as the largest Asian importer of Venezuelan crude oil.
Following the removal of Nicolas Maduro from power and the lifting of economic sanctions, Venezuela has opened its doors for business. India, previously sourcing oil mainly from Russia, Iraq, Saudi Arabia, and the UAE, faced disruptions due to geopolitical tensions. India and Venezuela are now aiming to strengthen ties, with crude oil topping their agenda.
During her visit, Rodriguez explored cooperation in exploration, production, and refining at the Jamnagar refinery in Gujarat. India is also seeking partnerships in critical minerals to reduce reliance on China. Discussions included Venezuela’s outstanding payments to Indian oil and pharma companies. ONGC Videsh, the overseas arm of Indian oil giant ONGC, is awaiting over $500 million from its Venezuelan investments.
India and Venezuela are looking to enhance collaboration in various sectors, including pharmaceuticals and auto-components manufacturing. The visit highlighted potential areas for India to expand its presence in Venezuela.
