NEW DELHI: Amid ongoing Indian efforts to diversify its oil supplies, PM Narendra Modi met Venezuela acting President Delcy Rodríguez and discussed ways to deepen the energy partnership.The Latin American country, which tops the list of countries with largest proven oil reserves, has emerged in recent weeks as one of India’s top crude suppliers.While no agreement was signed, both sides focused on securing long-term energy contracts citing “perfect complementarity” in the energy sector. The PM said in a post on X that they had extensive discussions on expanding cooperation in not just energy but also critical minerals, tech, agriculture, health and people-to-people ties.As India looks to diversify, Venezuela pitches in: Great opportunities existAs a valued partner in Latin America, our close cooperation with Venezuela holds immense importance for the Global South. We will continue to work together for the mutual benefit of the people of our nations,” said the PM.After having effectively taken control of Venezuela’s oil industry, the US had pushed India to resume procurement from the country. India was one of the largest importers of Venezuelan crude in 2020 when it halted purchases because of US sanctions.US secretary of state Marco Rubio had first announced, ahead of his visit to India last month, that Rodriguez would soon be visiting India. According to officials, the message from Rodriguez was that Venezuela is open for business, and there are great opportunities for India as it looks to diversify its supplies at a time the Strait of Hormuz remains choked by the US-Iran conflict.“Venezuela sees India as a stable demand for many years to come. Therefore, there exists a perfect complementarity for both to work in the energy sector, upstream as well as downstream,” said MEA secretary (east) Rudrendra Tandon, adding Venezuela has already emerged as the third largest supplier for India this month in terms of spot purchases.The discussions also focused on expanding cooperation in areas like mining, agriculture, critical minerals, and pharmaceuticals. Asked whether the payment for the crude would be made directly to the US or to the Venezuelan govt, the official said the actual work will be done by commercial entities, both in public as well as the private sector.“All these companies operate at the global level in global markets. So, they will have to consider the existing payment methods that are going to be adopted when you do economic activity in Venezuela,” said Tandon.On details of the energy partnership both sides are looking to forge, the official said oil exporters realise the importance of India as a stable and long-term buyer. “So, it is in their interest to enter into long-term contracts rather than do spot buying. We hope that at some stage, we move forward to long-term secure supplies from all our suppliers,” said the official, adding that the Indian refining industry is well equipped to handle Venezuela’s “hard” crude.The MEA said during her five-day working visit to India, Delcy Rodriguez will visit several sites connected with energy, pharmaceuticals and auto sectors to gain insight into India’s technological and industrial capabilities and to explore opportunities for collaboration.End of ArticleFollow Us On Social MediaVideos’I Saw Four Bodies At One Spot’: Local Hero Recounts Horror Of Delhi Fire | Watch’Did Not Tell Me…’: RJD MP Breaks Silence On Helping Cockroach Janta Party In Holding Presser’Whatever I Am Today Is Because Of Mamata’: Humayun Kabir Offers Rejinagar Seat To TMC Chief’We Are No More In INDIA Bloc, Will Not Attend June 8 Meet’: DMK After Congress ‘Betrayal’ In TNHijab, No Music, Separate Timings: Kerala’s ‘Islam-Friendly’ Gym Sparks Row, BJP Slams CongressAfter TCS Nashik Case, Ex-Wipro Pune Employee Alleges Religious Conversion, Forced ResignationNo Woman In Karnataka Cabinet: Margaret Alva ‘Deeply Disappointed’ Over DK Shivakumar Oath CeremonyPune IT Firm Abruptly Closes Operations, Over 700 Employees And Interns Left JoblessCongress Tells Cadre To Ignore CJP, Stay Focused On NEET-CBSE AgitationWhy IRCTC Is Verifying 6 Crore Users And Deploying AI Cameras In 800 Kitchens123Photostories5 most venomous sea snakes travellers should know aboutWant melt-in-the-mouth mutton dishes? 5 lesser-known secrets to follow at homeSambhavna Seth breaks down in tears as she welcomes twins via surrogacy with husband Avinash Dwivedi; cuts her babies’ umbilical cords, Says ‘Family Complete Ho Gayi’6 lakes in India with fascinating myths about their origins3 types of people you should remove from your life, as per Gauranga DasMMA legend Conor McGregor’s Las Vegas mansion is a millions-worth property defined by world-class luxury, private elevator and Strip viewsThe 5 numbers cardiologists want every adult to know before it’s too lateChild behavior expert says these 5 common phrases parents say to their children can hurt them psychologically8 words that women hate from the core of their heart: Which one can YOU not standGetting married soon? 10 common questions women should ask themselves before tying the knot123Hot PicksDelhi Restaurant FireLauren FryerAbhishek BanerjeeLos Angeles Airport DetentionAuston MatthewsSean StricklandKylian MbappeNuclear Scientist DeathNHL Trade RumorsTop TrendingDelhi Malviya Nagar Restaurant FireBengaluru MurderK AnnamalaiAnnapurna BhandarFirhad HakimDK ShivakumarKerala MonsoonAbhishek BanerjeeMamata BanerjeeKoyambedu Baw Brawl
NEW DELHI: Amid ongoing Indian efforts to diversify its oil supplies, PM Narendra Modi met Venezuela acting President Delcy Rodríguez and discussed ways to deepen the energy partnership.The Latin American country, which tops the list of countries with largest proven oil reserves, has emerged in recent weeks as one of India’s top crude suppliers.While no agreement was signed, both sides focused on securing long-term energy contracts citing “perfect complementarity” in the energy sector. The PM said in a post on X that they had extensive discussions on expanding cooperation in not just energy but also critical minerals, tech, agriculture, health and people-to-people ties.As India looks to diversify, Venezuela pitches in: Great opportunities existAs a valued partner in Latin America, our close cooperation with Venezuela holds immense importance for the Global South. We will continue to work together for the mutual benefit of the people of our nations,” said the PM.After having effectively taken control of Venezuela’s oil industry, the US had pushed India to resume procurement from the country. India was one of the largest importers of Venezuelan crude in 2020 when it halted purchases because of US sanctions.US secretary of state Marco Rubio had first announced, ahead of his visit to India last month, that Rodriguez would soon be visiting India. According to officials, the message from Rodriguez was that Venezuela is open for business, and there are great opportunities for India as it looks to diversify its supplies at a time the Strait of Hormuz remains choked by the US-Iran conflict.“Venezuela sees India as a stable demand for many years to come. Therefore, there exists a perfect complementarity for both to work in the energy sector, upstream as well as downstream,” said MEA secretary (east) Rudrendra Tandon, adding Venezuela has already emerged as the third largest supplier for India this month in terms of spot purchases.The discussions also focused on expanding cooperation in areas like mining, agriculture, critical minerals, and pharmaceuticals. Asked whether the payment for the crude would be made directly to the US or to the Venezuelan govt, the official said the actual work will be done by commercial entities, both in public as well as the private sector.“All these companies operate at the global level in global markets. So, they will have to consider the existing payment methods that are going to be adopted when you do economic activity in Venezuela,” said Tandon.On details of the energy partnership both sides are looking to forge, the official said oil exporters realise the importance of India as a stable and long-term buyer. “So, it is in their interest to enter into long-term contracts rather than do spot buying. We hope that at some stage, we move forward to long-term secure supplies from all our suppliers,” said the official, adding that the Indian refining industry is well equipped to handle Venezuela’s “hard” crude.The MEA said during her five-day working visit to India, Delcy Rodriguez will visit several sites connected with energy, pharmaceuticals and auto sectors to gain insight into India’s technological and industrial capabilities and to explore opportunities for collaboration.