VOI World/ Desk
India, Venezuela push for deeper energy and critical minerals partnership as both countries seek to expand cooperation beyond crude oil into sectors such as mining, pharmaceuticals, agriculture and manufacturing.
Indian PM Modi held talks in New Delhi with Venezuelan Acting President Delcy Rodríguez, who is on a multi-day visit to India accompanied by a high-level delegation. The discussions focused on strengthening long-term energy ties while exploring new areas of economic collaboration.
The meeting comes at a significant time for India’s energy security strategy. Venezuela has emerged as India’s third-largest crude oil supplier in recent months as New Delhi diversifies its energy imports amid supply disruptions and geopolitical tensions in West Asia. Indian officials described the two countries as highly complementary partners, with Venezuela possessing the world’s largest proven oil reserves and India representing one of the world’s fastest-growing energy markets.
Beyond oil, both sides discussed cooperation in critical minerals, mining, pharmaceuticals and industrial development. Officials indicated that Indian companies could play a larger role in helping assess and develop Venezuela’s mineral resources, which include gold, diamonds and other strategic minerals that are increasingly important for global manufacturing and clean energy technologies.
India also raised the issue of more than $500 million in unpaid dividends owed to state-run ONGC Videsh and payments pending to some Indian pharmaceutical companies operating in Venezuela. Officials said the matter remains under discussion and that both sides are working toward practical solutions.
India, Venezuela push for deeper energy and critical minerals partnership as New Delhi continues to diversify both its energy sources and access to strategic resources. The talks reflect India’s broader effort to strengthen economic relationships across Latin America while securing long-term supplies of energy and critical minerals needed for future growth.
