New Delhi

India and Venezuela are seeking to expand their economic engagement, with a particular focus on strengthening cooperation in the energy sector as New Delhi looks to diversify crude oil imports amid ongoing geopolitical uncertainties in West Asia.

The issue figured prominently during talks between Prime Minister Narendra Modi and Venezuela's Acting President Delcy Rodriguez, who is on a working visit to India.

Briefing the media after the meeting, Secretary (East) in the Ministry of External Affairs, Rudrendra Tandon, said energy cooperation emerged as a key area of discussion, noting that Venezuela has become India's third-largest supplier of crude oil this month.

He pointed out that Venezuela possesses some of the world's largest oil reserves, while India remains one of the fastest-growing energy consumers, creating strong complementarities between the two countries.

According to Tandon, both sides discussed the possibility of developing a long-term energy partnership spanning upstream and downstream activities. While specific details of the discussions were not disclosed, he indicated that Venezuela views India as a reliable and stable market for its energy exports.

Beyond hydrocarbons, the two countries also explored opportunities to broaden their economic partnership into sectors such as mining, critical minerals, agriculture, animal husbandry, transportation, automotive manufacturing, equipment production, and pharmaceuticals.

Tandon said Venezuela's vast natural resources and emerging growth prospects present significant opportunities for Indian businesses. Discussions focused on facilitating greater participation of Indian companies in the Venezuelan market and creating new avenues for commercial cooperation.

He noted that both sides held substantive and forward-looking discussions, with Venezuela expressing appreciation for India's continued engagement over the years and describing New Delhi as a preferred long-term partner.

The Venezuelan delegation, led by Rodriguez, includes ministers handling foreign affairs, economy and finance, science and technology, transportation, and communication and information.

During her visit, Rodriguez met External Affairs Minister S. Jaishankar and is also scheduled to hold discussions with Petroleum and Natural Gas Minister Hardeep Singh Puri. Her talks with Prime Minister Modi extended into a working lunch, reflecting the importance both countries attached to the engagement.

As part of the visit, the Venezuelan delegation is touring facilities linked to India's energy, pharmaceutical and automobile industries to gain firsthand exposure to the country's industrial and technological capabilities.

Indian public sector enterprises already have investments in Venezuela's energy sector, and both governments are exploring ways to further strengthen that presence.

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Officials said the discussions reflected a shared interest in deepening bilateral ties and building a broader strategic economic partnership that extends beyond the traditional energy relationship.