India and Venezuela on Thursday agreed to deepen energy cooperation and explore a long-term partnership across the oil sector, as New Delhi ramps up crude diversification and Venezuela emerges as one of the country’s fastest-growing sources of crude supplies.
At a press conference following Prime Minister Narendra Modi’s meeting with Venezuelan Acting President Delcy Rodriguez, the Secretary (East) at the Ministry of External Affairs, Rudrendra Tandon said that the discussions focused on forging an energy partnership.
“They (Venezuela) see India as a stable demander for many years to come. Therefore, there exists a perfect complementarity for India and Venezuela to work in the energy sector, in both upstream and downstream,” Tandon said.
The engagement comes as India seeks to diversify crude sourcing following supply disruptions and market volatility linked to the West Asia crisis. Tandon said Venezuela views India as a preferred energy partner because of the size of the Indian economy and its long-term energy demand growth.
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He said PM Modi conveyed that India looks forward to building the energy relationship further, covering both upstream and downstream activities.
“We are working with a government that is friendly, that wants a partnership with India,” Tandon said. “We want to reciprocate that. Venezuela has traditionally been a close friend. We have collaborated very closely at the international level, so we are just going back to normal.”
Bypassing West Asia Crises
India was once a major processor of Venezuelan heavy crude, importing more than 400,000 barrels per day at peak levels before purchases stopped in 2020 following US sanctions and compliance-related restrictions. Meanwhile, in the last two months, Venezuela has emerged as India’s top 4 oil supplier since April after Indian refiners significantly increased purchases from the South American nation.
With imports resuming, energy cooperation has once again emerged as the central pillar of bilateral engagement.
Beyond the Barrel
The two sides also discussed expanding cooperation beyond oil into mining and critical minerals.
“Venezuela is a resource-rich country. It’s not just about critical minerals; it has also gold, diamonds and other materials. There was a discussion on how to assess the potential reserves that they have, or whether we could cooperate in that area,” Tandon said.
India also raised the issue of more than $500 million in pending dividends owed to ONGC Videsh from its investments in Venezuela. “It is our money. They are very sensitive to the issue,” Tandon said.
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ONGC Videsh has a 40% stake in Petrolera Indovenezolana SA, a joint venture with Corporacion Venezolana del Petroleo for production and exploration activities in the San Cristobal oil field.
MEA spokesperson Randhir Jaiswal said the two leaders reviewed the full spectrum of bilateral relations and explored new avenues of cooperation in energy, trade, investment, healthcare and automobiles.
“The leaders also exchanged views on global and regional issues of mutual interest. Both sides reaffirmed their commitment to deepening the bilateral partnership and advancing the interests of the Global South,” Jaiswal said.
Rodriguez is accompanied by ministers handling foreign affairs, economy and finance, science and technology, transportation, and communication and information, and is expected to visit key energy and industrial facilities during her stay in India. According to sources, Rodriguez is expected to visit the Reliance Industries Limited’s refinery in Jamnagar in Gujarat.
TOPICSEnergyThis article was first uploaded on June four, twenty twenty-six, at twenty-six minutes past eleven in the night. © The Indian Express (P) Ltd