• Source:JND

India-Venezuela Ties: Prime Minister Narendra Modi on Friday spoke with Venezuela's acting President Delcy Rodriguez over the phone, agreeing to take the bilateral relations to new heights in the years ahead.

Sharing the development on X, PM Modi, wrote, "Spoke with Acting President of Venezuela, Ms. Delcy Rodríguez. We agreed to further deepen and expand our bilateral partnership in all areas, with a shared vision of taking India-Venezuela relations to new heights in the years ahead."

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First Call After US' Control Over Venezuela

It was the first conversation between Rodriguez and PM Modi since the US forces captured Venezuelan President Nicolas Maduro and his wife and took them to New York jail. Rodriguez took over as the interim president of Venezuela on January 5, after US forces seized Maduro.

Which Sectors Are In Focus For Trade

According to the Prime Minister's Office (PMO), PM Modi and Rodriguez agreed to further expand and deepen the India-Venezuela partnership in all areas, including trade and investment, energy, digital technology, health, agriculture and people-to-people ties.

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"They exchanged views on various regional and global issues of mutual interest, and underscored the importance of their close cooperation for the Global South," the PMO said in a statement.

US Control Of Venezuelan May Benefit India

According to an expert, a US-led takeover or restructuring of Venezuela's oil sector could deliver a direct benefit to India. US President Donald Trump's intervention in Venezuela's oil trade may unlock close to USD 1 billion in long-pending dues while accelerating the revival of crude production from fields it operates in the sanctions-hit Latin American nation.

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.

Its flagship overseas producer, ONGC Videsh Ltd (OVL), jointly operates the San Cristobal oilfield in eastern Venezuela, but output has been severely curtailed as US restrictions blocked access to critical technology, equipment, and services - leaving commercially viable reserves effectively stranded.
(With PTI inputs)


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