New Delhi – Indian companies are ready to deepen their footprint in Venezuela’s energy sector, Indian Oil Minister Hardeep Singh Puri said following talks with Venezuelan Interim President Delcy Rodriguez in New Delhi on Thursday.
Rodriguez, who is on her first visit to India in her current role, met with Puri to discuss ways to strengthen the two countries’ energy partnership. She also held separate talks with Indian Prime Minister Narendra Modi, focusing on cooperation in upstream and downstream energy projects.
“He reaffirmed India’s strong support for Venezuela’s energy reconstruction, adding that Indian companies are ready to deepen their presence in Venezuela,” India’s oil ministry said in a statement on Friday. 
Rodriguez used the meeting to invite an Indian energy delegation to visit Venezuela and explore opportunities in the country’s energy sector. “Acknowledging India as a reliable partner of Venezuela, the acting president welcomed Indian companies to actively participate in Venezuela’s reformed oil and gas sector,” the ministry added.
New Delhi said on Thursday that Venezuela sees India as a preferred partner in energy, and expressed hope the two countries would move toward long-term secure supply arrangements rather than spot purchases.
The talks carry significant weight given the scale of trade between the two countries. India was the second-largest importer of Venezuelan oil in May, buying 427,000 barrels per day, and New Delhi confirmed on Friday that Venezuela ranked among its largest crude oil suppliers in both April and May.
Rodriguez is expected to meet senior Indian energy industry leaders in Mumbai and visit oil refining facilities before her trip concludes on June 7.
The visit comes as India, the world’s third-largest oil importer and consumer, is dealing with supply disruptions caused by the U.S. and Israeli military campaign against Iran.
India had halted Venezuelan oil purchases last year after U.S. President Donald Trump authorised a 25% discretionary tariff on countries buying crude from Caracas. Purchases resumed in February after sanctions were eased following a flagship oil supply agreement between Washington and Venezuela.
