Energy ties in focus as Venezuela's acting President begins India visit

Delcy Rodriguez will visit energy installations, meet industry leaders and discuss bilateral cooperation as India increases Venezuelan oil imports amid West Asia disruptions

Strengthening India-Venezuela bilateral energy cooperation will be a key focus of the five-day visit, beginning Wednesday, of Venezuela's acting President Delcy Rodríguez. The Venezuelan delegation is slated to visit key energy installations, including oil refineries, and also meet top energy industry leaders in Mumbai. Only a handful of refineries in India process heavy Venezuelan crude.

 

Rodríguez's India visit comes amid New Delhi ramping up its purchases of Venezuelan oil in recent weeks to offset lost cargoes from West Asia because of the blockage of the Strait of Hormuz. India emerged as the second-largest importer of Venezuelan oil in May, behind only the US.

 

 

India resumed its imports of Venezuelan oil in February when the US eased sanctions on the South American country. US President Donald Trump then said that India had agreed to buy more oil from Venezuela. Rodríguez last visited India, when she was her country's vice-president and also handled the oil portfolio, in February 2025 to attend India Energy Week.

 

Announcing Rodríguez's visit, Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said on Tuesday that a delegation comprising ministers of foreign affairs, economy and finance, science and technology, communication and information, and transportation will accompany her.

 

Rodríguez has visited India earlier in her capacity as foreign minister in 2015 and as vice-president in 2019, 2023, 2024 and 2025, making this her sixth visit to India. She became the acting president of her country earlier this year after the US intervened in Venezuela in January to detain President Nicolas Maduro, who continues to be in its custody.

 

The Venezuelan delegation is slated to visit several sites connected with the energy, pharmaceuticals and auto sectors to gain insights into India's technological and industrial capabilities and to explore opportunities for collaboration, the MEA said.

 

Rodríguez is a devotee of spiritual guru Sathya Sai Baba and has visited Sathya Sai's ashram, Prasanthi Nilayam, in Puttaparthi, Andhra Pradesh, during her previous visits to India, including in 2019, August 2023, when she was here to attend the G20 Summit, and also in 2024. Maduro is also a devotee of the spiritual guru.

 

India has been an important partner of Venezuela in the areas of energy and investment, the MEA said. Indian public sector undertakings (PSUs) have made significant investments in Venezuela's energy sector and are keen to explore opportunities for further enhancing their presence, it said.

 

Venezuela was a major source of India's crude oil until FY20, when imports were discontinued following sanctions. Imports from Venezuela resumed in FY24 before being halted again due to the reimposition of sanctions. Indian public sector undertakings (PSUs) established a partnership with the National Oil Company of Venezuela, PDVSA, and Indian PSUs have maintained a presence in that country since 2008. Venezuelan companies owe ONGC more than $500 million in unpaid dividends.

 

ONGC Videsh Limited (OVL) and Corporacion Venezolana del Petroleo (a subsidiary of PDVSA) had a joint venture called Petrolera Indovenezolana SA for the production and exploration of oil in the San Cristóbal field, in which OVL had a 40 per cent stake, while PDVSA held the remaining 60 per cent. OVL's investment in the San Cristóbal project was approximately $200 million.

 

An international consortium comprising ONGC Videsh Limited (OVL), Indian Oil Corporation (IOC), Oil India Limited (OIL), Repsol of Spain and Petronas of Malaysia was declared the winner of an international bidding process to develop a multimillion-dollar oil project integrated in Carabobo in Venezuela's Orinoco Belt. Reliance Industries Limited (RIL) had a 15-year crude supply contract with PDVSA. The other major importer of oil from Venezuela was Essar (now Nayara), according to the MEA.

 

Rodríguez was earlier scheduled to visit India to participate in the International Big Cat Alliance Summit on June 1, which was postponed. During the visit, Rodríguez will hold bilateral discussions with Prime Minister Narendra Modi.