New Delhi, June 6 (IANS). Recently, Venezuela’s acting President Delcy Aloina Rodriguez Gomez visited India, where she met the country’s Prime Minister Narendra Modi and Foreign Minister Dr. S. Jaishankar and other top people.
After Delsey’s visit, a report is claiming that India and Venezuela are looking for ways to deepen energy cooperation. Both countries want to take advantage of the changing global oil market dynamics and strengthen their long-term engagement in the hydrocarbon sector.
A report by Modern Diplomacy states that Union Petroleum and Natural Gas Minister Hardeep Singh Puri told Venezuela’s interim President Delsey Rodriguez that Indian companies are ready to increase their participation in Venezuela’s oil and gas industry.
The talks are taking place at a time when India has once again emerged as a major buyer of Venezuelan crude after imports resumed following the easing of restrictions earlier this year. It said that the new purchases have helped Venezuela regain its place among India’s essential crude oil suppliers.
Acting President Rodriguez’s visit to India is focused on bringing investment into Venezuela’s energy sector and exploring long-term supply arrangements instead of relying heavily on spot purchases. Rodriguez’s recent visit to India included meetings with government officials and energy industry executives.
The growing addition reflects India’s larger strategy to diversify its crude oil purchases as concerns remain about supply disruptions and price volatility due to geopolitical uncertainties and tensions in West Asia.
For Venezuela, closer cooperation with India offers an opportunity to revive its oil sector after years of sanctions, declining production and low investment.
The report mentions that increased participation by Indian companies can help efforts to increase production capacity, upgrade infrastructure and create stable export markets.
Furthermore, this growing partnership emphasizes how emerging economies are increasingly adopting pragmatic energy relations, driven by economic and strategic interests.
According to the report, industry experts believe that cooperation could eventually expand beyond crude oil purchases to upstream exploration, production partnerships, refining opportunities and infrastructure development.
It further added that future growth will depend on a number of factors, including global oil prices, political developments in Venezuela and changes in the US sanctions policy.
Talks are expected to continue with the aim of expanding energy cooperation between the two countries, as India wants greater supply security and Venezuela wants to bring in new investment.
–IANS
KK/ABM