India broadens Venezuela outreach from oil to critical minerals, mining as PM Modi meets Rodriguez

India and Venezuela are looking to expand their economic partnership beyond traditional oil ties, with critical minerals, mining, pharmaceuticals and wider commercial cooperation emerging as key focus areas during Venezuelan Vice President Delcy Rodríguez’s working visit to India.

Rodríguez, who is visiting India from June 3 to 6 along with a large ministerial delegation, held official talks with Prime Minister Narendra Modi followed by a working lunch, where both sides explored ways to deepen economic engagement.

Briefing reporters after the talks, Rudrendra Tandon, Secretary (East) in the Ministry of External Affairs, said the discussions reflected the growing scope of India-Venezuela relations, especially as New Delhi looks to diversify its access to energy resources and strategic minerals.

“We see perfect complementarity in the energy sector. We are not going into details of the conversation,” Tandon said, adding that energy cooperation remains a major pillar of bilateral ties.

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Venezuela, home to the world’s largest proven oil reserves, has traditionally been an important energy partner for India. However, the latest engagement signals a broader push to explore new areas of cooperation, including minerals needed for emerging technologies and industrial supply chains.

On cooperation in critical minerals, Tandon said the entire mining sector featured prominently in discussions between the two sides.

“The entire mining sector was discussed. It is a resource-rich country, not only critical minerals but gold and diamonds. We can cooperate in exploring potential reserves,” he said.

The talks come at a time when India is working to secure critical mineral supply chains globally to support sectors such as clean energy, electric mobility, electronics manufacturing and advanced technologies.

Apart from energy and mining, sectors including animal husbandry, automobiles and pharmaceuticals were also discussed, with both sides exploring ways for Indian companies to increase their presence in Venezuelan markets.

Tandon described the conversation between the two sides as “very business-like” and “substantive”, adding that Venezuela acknowledged India’s support during challenging economic periods.

Pharmaceutical cooperation was another key part of the engagement, with Venezuela identifying the sector as a priority area.

“Pharma was discussed in detail. Pharma is a priority for the Venezuelan side. The government is aware of these issues. The country is in transition. This was part of the discussion,” Tandon said, referring to issues faced by Indian pharmaceutical companies.

Pending commercial matters, including ONGC’s dividend dues from Venezuela, also came up during the talks. “The ONGC dividends issue is very much on the table and they are sensitive to this issue,” he said.

Responding to questions on payment mechanisms amid Venezuela’s economic transition, Tandon said arrangements are evolving and companies would need to operate within available frameworks.

“Venezuela is undergoing a transition period. Arrangements are being made. Actual work will be done by public and private sectors. They will have to keep in mind existing payment methods,” he said. Tandon also highlighted that Rodríguez’s visit includes exposure to India’s growing capabilities in the energy sector.

“She is being exposed to the sophistication we have acquired in the energy sector. Visiting facilities is an integral part of the visit,” he said. The issue of Venezuela’s engagement with BRICS was also discussed, including conversations around India’s chairmanship of the grouping.

The visit marks an attempt by both countries to reshape their economic partnership from a largely oil-driven relationship into a broader strategic engagement covering energy security, critical resources, technology and trade.