India looks to lock long-term crude supplies as PM Modi holds talks with Venezuela’s Rodriguez: Report – Firstpost

Prime Minister Narendra Modi on Thursday held discussions with Venezuela’s acting President Delcy Eloina Rodriguez Gomez, focusing on strengthening long-term crude oil supply arrangements and expanding energy cooperation across the upstream and downstream sectors, The Economic Times reported.

The meeting comes as India intensifies efforts to diversify its energy imports amid global supply disruptions, particularly in the wake of volatility in West Asia. Venezuela has signalled that it views India as a “preferred partner” in the energy sector, even as both sides work to stabilise and expand oil trade flows, Rudrendra Tandon, Secretary (East), in the ⁠Indian foreign ministry, told a media briefing after the talks.

Modi conveyed India’s willingness to build a structured and durable energy partnership with Caracas, covering exploration, production, refining and distribution linkages, the report said.

The talks also extended beyond hydrocarbons, with both sides exploring cooperation in critical minerals and mining. These sectors have become increasingly strategic as global economies compete to secure inputs for clean energy technologies, electronics manufacturing and industrial supply chains.

Broader economic engagement was also on the table, including pharmaceuticals, animal husbandry, transportation and agriculture, reflecting a push to build a more diversified bilateral relationship beyond energy trade.

Following the Prime Minister’s meeting, Petroleum and Natural Gas Minister Hardeep Singh Puri also held discussions with Rodríguez Gomez, alongside senior officials and executives of state-run energy companies. The focus, according to the report, was on translating high-level political understanding into concrete commercial opportunities.

A technical team from India is expected to visit Venezuela soon to assess projects and identify investment opportunities, while Indian oil companies operating in the Latin American nation are also exploring expansion plans.

Indian refiners are already strengthening their presence in Venezuelan crude markets. India emerged as the second-largest importer of Venezuelan oil in May, purchasing about 427,000 barrels per day, according to Reuters data, underscoring the rapid revival of energy trade ties between the two countries.

Energy cooperation has accelerated following the easing of sanctions-related constraints earlier this year, allowing renewed flows of Venezuelan crude into Indian refiners, including major private players.

Rodriguez’s visit also includes meetings with Indian energy industry leaders and visits to refining facilities, signalling an effort to deepen operational-level cooperation alongside diplomatic engagement.