Prime Minister Narendra Modi met Venezuela’s Acting President Delcy Rodriguez in New Delhi on June 4, with both sides focusing on energy security, trade, investment and new areas of economic cooperation. Here are the key takeaways from the talks.
1 / 9India and Venezuela Push for Long-Term Energy Partnership | Energy cooperation emerged as the central theme of the meeting between Prime Minister Narendra Modi and Venezuela’s Acting President Delcy Rodriguez. According to the Ministry of External Affairs, both leaders discussed building a long-term partnership in the oil and energy sector. Venezuela sees India as a stable and growing energy consumer, while India views the South American nation as an important supplier as it seeks to strengthen energy security amid global supply disruptions.
2 / 9Venezuela Calls India a Preferred Energy Partner | During the talks, Rodriguez conveyed that Venezuela considers India a “preferred energy partner.” MEA Secretary (East) Rudrendra Tandon said the Venezuelan side believes India’s large economy and long-term energy demand make it a reliable market for its oil exports. The message underscored Caracas’ interest in expanding energy ties with New Delhi. (Image: AP)
3 / 9Modi Signals Interest in Broader Energy Cooperation | India responded positively to Venezuela’s proposal. Officials said Modi expressed interest in building cooperation across both upstream and downstream energy activities. The discussions went beyond crude oil purchases and touched on wider opportunities across the energy value chain, reflecting a more strategic approach to bilateral cooperation. (Image: PTI)
4 / 9Venezuelan Crude Imports Gain Momentum | The meeting comes as India’s imports of Venezuelan crude oil have increased significantly in recent months. Officials said Venezuela has emerged as India’s third-largest crude supplier. Delhi has been diversifying crude procurement as supply concerns linked to the West Asia crisis affect global energy markets and key shipping routes.
5 / 9Focus on Critical Minerals and Mining | The two sides explored cooperation in mining and critical minerals. Venezuelan reserves include minerals, gold and diamonds, making the sector attractive for Indian companies. Officials said discussions included assessing resource potential and identifying opportunities for collaboration in exploration and extraction activities. (Image: Canva)
6 / 9New Opportunities in Pharma, Agriculture and Automobiles | Beyond energy, the leaders reviewed ways to expand economic ties in pharmaceuticals, agriculture, healthcare and automobile manufacturing. Both governments discussed creating new business opportunities and encouraging investment in sectors where India has strong industrial capabilities, and Venezuela is seeking development partnerships.
7 / 9Investment Prospects for Indian Companies | According to officials, Modi and Rodriguez examined opportunities for Indian firms to invest in Venezuela. Areas identified included mining, critical minerals, pharmaceuticals and automobiles. The discussions reflected efforts by both countries to broaden economic engagement beyond the traditional oil trade relationship. (Image: PTI)
8 / 9ONGC Videsh Dividend Issue Raised | India also raised the issue of more than $500 million in dividends owed to ONGC Videsh. MEA officials said the matter was discussed during the talks and that the Venezuelan side was sensitive to India’s concerns. ONGC Videsh has a long-standing joint venture in Venezuela’s San Cristobal oil field. (Image: Reuters)
9 / 9Shared Focus on Global South and Future Cooperation | The leaders reviewed the full spectrum of bilateral ties and exchanged views on regional and global issues. According to the MEA, both sides reaffirmed their commitment to deepening cooperation and advancing the interests of the Global South. Discussions also touched on broader international engagement, including India’s leadership role in BRICS. (Image: PTI)
