Venezuelan vice president Delcy Rodriguez arrived in New Delhi on Wednesday for a five-day visit aimed at expanding energy cooperation, as India seeks to diversify its crude oil procurement amid supply disruptions from the West Asia crisis.
Focus on Energy and Beyond
Besides energy, the two sides are also set to explore ways to shore up cooperation in trade and investment, pharmaceuticals, and technology. Rodriguez is scheduled to hold wide-ranging talks with Prime Minister Narendra Modi on Thursday.
External Affairs Ministry spokesperson Randhir Jaiswal welcomed Rodriguez on social media, stating, "A warm welcome to Acting President Delcy Rodriguez of Venezuela on her arrival in New Delhi. The visit will further deepen India-Venezuela ties and build on the momentum in the bilateral partnership."
Background of the Visit
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 over 400,000 barrels per day at peak levels, until sweeping US sanctions and rising compliance risks halted purchases in 2020. New Delhi resumed crude oil purchases from Venezuela after sanctions were lifted following Maduro's capture. Indian oil marketing companies have significantly ramped up crude sourcing from Venezuela in recent weeks, largely due to the West Asia crisis.
Delegation and Activities
The Venezuelan acting president is accompanied by several ministers, including those of foreign affairs, economy and finance, science and technology, communication and information, and transportation. The delegation will visit sites connected to energy, pharmaceuticals, and auto sectors to gain insights into India's technological and industrial capabilities and explore collaboration opportunities.
Historical Ties
India and Venezuela share a history of warm relations, with a major boost provided by former president Hugo Chavez's state visit to India in March 2005. The two countries have robust cooperation in the energy sector. ONGC Videsh Limited (OVL) has a joint venture with Corporacion Venezolana del Petroleo (CVP) known as Petrolera Indovenezolana SA for oil production and exploration in the San Cristobal field, where OVL holds a 40 percent stake.
