Indian Prime Minister Narendra Modi held talks with Venezuela’s acting President Delcy Rodriguez on Thursday as New Delhi seeks to deepen ties with the oil-rich South American nation following disruptions in global energy supplies.
Rudrendra Tandon, a senior official in India’s foreign ministry, said the talks held in New Delhi focused on strengthening energy cooperation. He said Venezuela had become India’s third-largest crude oil supplier in recent weeks.
Tandon said India is “aggressively seeking new sources of crude oil and energy to strengthen its energy security,” adding that Venezuela represents an “opportunity and is very much part of our plans.”
Modi and Rodriguez also explored opportunities for Indian companies to invest in Venezuela's sectors including mining, critical minerals, pharmaceuticals and automobiles, he said.
The meeting comes as India has increased imports of Venezuelan crude in recent months, making the South American country a more important supplier for the world’s third-largest oil importer.
India imports about 90% of its oil. Around half of those supplies pass through the Strait of Hormuz, a key shipping route effectively closed by the Iran war.
Rodriguez also met India’s foreign minister, Subrahmanyam Jaishankar, on Thursday and is scheduled to hold talks with Petroleum Minister Hardeep Singh Puri. She is also expected to visit facilities in India’s energy, pharmaceutical and automobile sectors.
