Modi, Delcy Rodriguez discuss energy and trade ties in New Delhi

Prime Minister Narendra Modi held talks with Venezuela’s Acting President/Vice President Delcy Rodriguez in New Delhi, focusing on energy, trade and investment cooperation. The visit comes as India increases Venezuelan crude imports to diversify supplies amid disruptions linked to the West Asia crisis

New Delhi: Prime Minister Narendra Modi on Thursday held talks with Venezuelan Vice President Delcy Rodriguez focusing on boosting bilateral ties in areas of energy, trade and investment. The two sides are looking at expanding energy cooperation, as New Delhi seeks to diversify its crude oil procurement amid supply disruptions from the West Asia crisis.

The Venezuelan vice president landed here on Wednesday. External Affairs Ministry spokesman Randhir Jaiswal said the visit will further deepen India-Venezuela ties.

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Rodriguez took charge as Venezuela’s acting president following the detention of then President Nicolas Maduro by US forces in January.

India was once a major processor of Venezuelan heavy crude, importing more than 4,00,000 barrels per day at peak levels, until sweeping US sanctions and rising compliance risks forcibly shut down purchases in 2020.

New Delhi started purchasing crude oil from Venezuela after the sanctions were lifted following Maduro’s capture. Indian oil marketing companies significantly ramped up crude oil sourcing from Venezuela in the last few weeks largely due to the West Asia crisis.

The Venezuelan acting president is accompanied by several ministers, including the ministers of foreign affairs, economy and finance, science and technology, communication and information, and transportation.