PM Modi And Venezuela President Review Long-Term Energy Cooperation Framework

Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez on Thursday held high-level talks focused on strengthening long-term cooperation in energy, critical minerals, pharmaceuticals and other strategic sectors, as India continues to diversify its crude oil sources amid global supply disruptions. The discussions took place at Hyderabad House in New Delhi, where both sides reviewed the full spectrum of India–Venezuela relations.

According to official briefings, the primary emphasis was on building a sustained energy partnership, with Venezuela seen as a key supplier due to its vast crude oil reserves and India’s growing energy demand. Indian officials described the talks as highlighting “perfect complementarity” between the two countries, with Venezuela seeking a stable long-term buyer for its crude oil and India aiming to secure reliable supplies for its expanding economy.

The engagement comes as Venezuela has emerged as one of India’s major oil suppliers, alongside Russia and the United Arab Emirates, amid efforts to reduce dependence on traditional supply routes. External Affairs Ministry officials said discussions also covered cooperation across upstream and downstream energy sectors, including exploration, refining and potential long-term supply arrangements.

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India also flagged concerns related to the repatriation of dividends from Indian state-run firms operating in Venezuela, indicating financial and operational issues within existing investments. Prime Minister Modi, in a social media post after the meeting, said both leaders discussed expanding cooperation in energy, technology, agriculture, healthcare and critical minerals. He added that India views its partnership with Venezuela as important in the broader context of strengthening ties within the Global South.

Venezuela’s delegation, which includes several ministers, is on a four-day visit to India aimed at deepening bilateral engagement. Officials from both sides said Caracas sees New Delhi as a preferred partner for energy exports, given India’s role as a large and stable importer in the global oil market. The visit comes at a time when India is actively seeking to secure energy supplies from multiple regions due to geopolitical tensions affecting traditional shipping routes, including disruptions in West Asia.

Analysts note that India’s renewed engagement with Venezuela reflects a broader strategic shift in its energy procurement policy. Further discussions between Indian industry representatives and the Venezuelan delegation are expected during the visit, with potential areas of cooperation extending beyond energy into healthcare, pharmaceuticals and mining.

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