‘Perfect complementarity’: India, Venezuela deepen energy ties amid crude diversification push

India and Venezuela are looking to expand cooperation, particularly in the energy sector, as New Delhi moves to diversify crude oil imports amid supply disruptions linked to the West Asia crisis.

Addressing a special media briefing after Prime Minister Narendra Modi’s talks with Venezuelan acting President Delcy Rodriguez, MEA secretary (East) Rudrendra Tandon said discussions focused on building broader economic ties across multiple sectors, including animal husbandry, transport, agriculture, automotive equipment and pharmaceuticals.

Venezuela becomes key crude supplier

Tandon said Venezuela has emerged as India’s third-largest crude oil supplier this month, highlighting the growing importance of energy cooperation between the two countries.

“Venezuela has already emerged as the third largest supplier, this month, so naturally today’s discussions focused on forging an energy partnership,” he said, adding that both sides see “a perfect complementarity” in the energy sector.

He noted that Venezuela holds one of the world’s largest oil reserves, while India remains a major and steadily growing consumer of crude oil, creating what he called a “strong natural complementarity” between the two economies.

Push for structured energy partnership

According to the MEA official, talks are aimed at developing a structured energy partnership covering both upstream and downstream sectors, though he said detailed deliberations remain confidential.

“Against this backdrop, discussions have focused on building a structured energy partnership,” Tandon said, adding that Venezuela is undergoing a “significant transformation” in its energy sector.

He also said Venezuela views India as a “stable demander for many years to come” and a “preferred partner going into the future,” reflecting growing bilateral confidence.

Wider economic cooperation on the table

Beyond energy, both sides explored opportunities for Indian investment in mining, critical minerals, pharmaceuticals, automobiles, agriculture and related industries, as per news agency ANI.

Tandon said Venezuela believes India has stood by it “in bad times as well as in good times,” adding that the talks were “very business-like, very substantive” with clear interest in expanding commercial engagement.

High-level engagements during visit

Venezuelan acting President Delcy Rodriguez is on a working visit to India from June 3 to June 6, accompanied by a high-level delegation including ministers from foreign affairs, finance, science and technology, communication and transport.

During the visit, she held talks with PM Modi, external affairs minister S Jaishankar and petroleum minister Hardeep Singh Puri and is also expected to visit key facilities in energy, pharmaceuticals and automobiles to explore collaboration opportunities.

India has also indicated that public sector units have already made significant investments in Venezuela’s energy sector and are looking to expand their footprint further.
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