Prime Minister Narendra Modi on Thursday held talks with Venezuelan Vice President Delcy Rodriguez, with discussions centred on strengthening bilateral ties in energy, trade and investment.
The meeting comes as India looks to deepen energy cooperation with Venezuela while diversifying crude oil imports amid supply disruptions triggered by the West Asia crisis. Indian oil marketing companies have sharply increased crude sourcing from the South American nation in recent weeks.
Rodriguez, who arrived in New Delhi on Wednesday, is leading a high-level delegation that includes ministers handling foreign affairs, economy and finance, science and technology, communication and information, and transportation.
External Affairs Ministry spokesperson Randhir Jaiswal said the visit would further deepen India-Venezuela ties.
Rodriguez assumed charge as Venezuela’s acting president following the detention of then President Nicolas Maduro by US forces in January.
India was once among the largest processors of Venezuelan heavy crude, importing more than 4,00,000 barrels per day at peak levels. However, purchases came to a halt in 2020 following sweeping US sanctions and mounting compliance risks.
New Delhi resumed crude imports from Venezuela after sanctions were lifted following Maduro’s capture, with Indian refiners now ramping up purchases as geopolitical tensions reshape oil supply chains.
(With inputs from PTI)