NEW DELHI, Jun 2 : Venezuelan Acting President Delcy Rodriguez’s five-day visit to India starting Wednesday is expected to focus heavily on expanding bilateral energy cooperation as New Delhi looks to diversify its crude procurement in view of disruptions in supplies caused by the West Asia crisis.
Besides energy, the two sides are also set to explore ways to shore up cooperation in areas of trade and investment, pharmaceuticals, and technology.
Rodriguez is scheduled to hold wide-ranging talks with Prime Minister Narendra Modi, External Affairs Ministry spokesperson Randhir Jaiswal said, announcing her June 3 to 7 trip.
“The discussions would involve the full spectrum of India-Venezuela relations and explore avenues for further cooperation in areas of energy security, trade and investment, pharmaceuticals, health care, transportation, and renewable energy,” he said.
Rodriguez took charge as Venezuela’s acting president following the detention of then President Nicolas Maduro by US forces in January.
India was once a major processor of Venezuelan heavy crude, importing more than 4,00,000 barrels per day at peak levels, until sweeping US sanctions and rising compliance risks forcibly shut down purchases in 2020.
New Delhi started purchasing crude oil from Venezuela after the sanctions were lifted following Maduro’s capture. Indian oil marketing companies significantly ramped up crude oil sourcing from Venezuela in the last few weeks largely due to the West Asia crisis.
The Venezuelan acting president will be accompanied by several ministers, including the ministers of foreign affairs, economy and finance, science and technology, communication and information, and transportation, Jaiswal said.
“India has been an important partner of Venezuela in the areas of energy and investment. Indian PSUs (public sector undertakings) have made significant investment in Venezuela in the energy sector and they are keen to explore opportunities for further enhancing their presence,” Jaiswal said.
Rodriguez visited India in her capacity as Venezuela’s foreign minister in 2015 and later as vice president in 2019, 2023, 2024, and 2025.
“India and Venezuela enjoy warm and friendly relations, underpinned by cooperation in the energy sector, trade, and shared commitment to the Global South. The visit is expected to further strengthen bilateral ties and deepen engagement between the two countries across diverse sectors,” Jaiswal said.
The acting president was earlier scheduled to visit India to participate in the International Big Cats Alliance (IBCA) Summit on June 1, which has been deferred.
“India is an important partner of Venezuela in the areas of energy and investment. Indian public sector undertakings have made significant investments in Venezuela’s energy sector, and they are keen to explore further opportunities to enhance their presence there,” Jaiswal said at his weekly media briefing.
To a question on whether the issue of over USD 500 million in dividends owed to ONGC Videsh by Venezuela will figure during Venezuelan leader’s visit to India, Jaiswal said all important issues are expected to figure in the talks.
“Venezuela is an important energy partner for India. Issues relating to energy security, the interests of our public sector undertakings, and several other trade and investment matters will be discussed,” he said.
“All these issues, including the one you mentioned, are expected to be discussed,” he said.
The Venezuelan delegation will visit several sites connected with energy, pharmaceuticals and auto sectors to gain insights into India’s technological and industrial capabilities and to explore opportunities for collaboration.
India and Venezuela share a history of warm relations. A major thrust to the bilateral relationship was imparted by former president Hugo Chavez’s state visit to India in March 2005.
The two countries have robust cooperation in the energy sector.
The ONGC Videsh Limited (OVL) has a joint venture with Corporacion Venezolana del Petroleo (CVP).
The joint venture is known as ‘PetroleraIndovenezolana SA’ for the production and exploration of oil in the San Cristobal field, in which the OVL has a 40 per cent stake. (PTI)
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