Ranit Kr. Singh , New Delhi — India and Venezuela are working to forge a long-term energy partnership following high-level talks between Prime Minister Narendra Modi and Venezuela’s acting President Delcy Rodríguez at Hyderabad House. The discussions focused heavily on oil exploration and refining, alongside expanding bilateral cooperation into pharmaceuticals, agriculture, technology, and critical minerals like gold and diamonds. The strategic push comes as Venezuela has risen to become India's third-largest oil supplier, trailing only Russia and the United Arab Emirates, amid India's aggressive efforts to diversify its energy sources following supply disruptions caused by the closure of the Strait of Hormuz.

The diplomatic engagement occurs during a significant political transition in Venezuela, marking Rodríguez’s first visit to India since assuming the interim presidency after US troops captured former president Nicolas Maduro in January. Beyond the capital, Rodríguez’s four-day itinerary includes visits to a pharmaceutical company, a Tata automobile facility, and Reliance Industries’ Jamnagar refinery in Gujarat, which stands as the main buyer of Venezuela's dense crude. However, the burgeoning economic ties face immediate financial hurdles; during the talks, the Indian delegation explicitly raised the issue of state-run ONGC Videsh Ltd being unable to repatriate over $500 million in accumulated oil dividends from the South American nation.

Addressing the media after the closed-door meetings, Rudrendra Tandon, secretary (East) in the external affairs ministry, stated: “So far as the payments issue is concerned, Venezuela is undergoing a transition period. There are arrangements in place.” Commenting further on the financial deadlock regarding the state-run firm's trapped dividends, Tandon added, “It’s a public sector company’s money, but it is an issue that is on the table, and they are very sensitive to this issue.”