India, Venezuela seek to expand energy, critical minerals cooperation as Modi holds talks with Rodríguez
New Delhi, June 5. Prime Minister Narendra Modi and Venezuelan Acting President Delcy Rodríguez on June 4 agreed to deepen bilateral cooperation in energy, critical minerals, technology, agriculture, healthcare and other strategic sectors, with energy security emerging as the key focus of their discussions amid growing uncertainty in global oil markets.
Describing Venezuela as an important partner in Latin America, Modi said the two leaders held extensive talks on broadening collaboration across a range of sectors while reaffirming their shared commitment to advancing the interests of the Global South.
“Happy to meet with the Acting President of Venezuela, Delcy Rodríguez. We had extensive discussions on expanding our cooperation in energy, critical minerals, technology, agriculture, health and people-to-people ties,” Modi said following the meeting.
The discussions come at a time of heightened volatility in international energy markets due to the ongoing crisis in West Asia and concerns over potential disruptions in shipping through the Strait of Hormuz, a vital route for global crude oil supplies. The situation has intensified India’s efforts to diversify its energy sources and strengthen engagement with major oil-producing nations.
According to the Ministry of External Affairs (MEA), energy cooperation dominated the talks, with both countries looking to capitalize on what officials termed a natural complementarity between Venezuela’s vast hydrocarbon reserves and India’s rapidly expanding energy demand.
Secretary (East) Rudrendra Tandon said Venezuela had become India’s third-largest source of spot crude purchases this month. He noted that discussions covered the entire energy value chain, including opportunities in upstream exploration and downstream refining activities.
Petroleum and Natural Gas Minister Hardeep Singh Puri, who also met Rodríguez, said Venezuela ranked among India’s leading crude oil suppliers during April and May. He announced that an Indian technical delegation would soon travel to Venezuela to explore avenues for expanding energy cooperation and investment.
Highlighting the strategic rationale behind closer engagement, Puri said Venezuela possesses the world’s largest proven oil reserves, while India offers substantial demand and advanced refining capabilities suited to processing Venezuelan crude.
Beyond the energy sector, the two sides discussed collaboration in critical minerals, mining, pharmaceuticals, transportation, agriculture and the automotive industry. Officials said Venezuela’s resource-rich economy presents significant opportunities for Indian companies as the country seeks to revive growth and attract foreign investment.
Healthcare and pharmaceuticals also featured prominently in the talks, with Venezuela expressing interest in India’s affordable generic medicines and public healthcare initiatives, including the Jan Aushadhi programme.
Rodríguez’s visit marks her first trip to India since assuming charge as acting head of the Venezuelan government following the capture of President Nicolás Maduro by US forces during an operation in Caracas earlier this year. She was subsequently appointed interim president by Venezuela’s Supreme Court to ensure continuity of governance.
Although no major agreements were signed during the visit, officials described the discussions as substantive and focused on creating greater opportunities for Indian public and private sector participation in Venezuela. The visit is expected to provide fresh momentum to bilateral ties and open new avenues of cooperation in sectors crucial to energy security, economic development and South-South cooperation.
