Business Recorder
Indian companies are willing to deepen their presence in Venezuela, the South Asian nation’s oil minister Hardeep Singh Puri told the South American country’s Interim President Delcy Rodriguez when they met in New Delhi on Thursday. New Delhi was the second-largest importer of Venezuelan oil in May, with purchases of 427,000 barrels per day, Reuters had reported, and India on Friday also said the South American nation was among its largest crude oil suppliers in April and May. Rodriguez, during the talks to discuss opportunities for strengthening the two countries’ energy partnership, also invited an Indian energy delegation to visit and explore opportunities in her country’s energy sector, India’s oil ministry said in a statement on Friday. “He (Puri) reaffirmed India’s strong support for Venezuela’s energy reconstruction, adding that Indian companies are ready to deepen their presence in Venezuela,” the ministry said in a statement. India sees Venezuelan oil ‘opportunity’ as Rodriguez meets Modi “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,” it added. Rodriguez, who is on her first visit to India in her current role, has already held talks with Indian Prime Minister Narendra Modi, which focused on co-operation in upstream and downstream energy projects. She is also expected to meet top Indian energy industry leaders in financial capital Mumbai and visit oil refining facilities in the country before her visit concludes on June 7. New Delhi said on Thursday that Venezuela sees it as a preferred partner in the energy sector, and expressed hope the countries will move forward to “long-term secure supplies” rather than spot buying. Rodriguez’s visit comes as India, the world’s third-largest oil importer and consumer, is grappling with supply disruptions caused by the U.S.-Israeli war with Iran. India sees ‘perfect complimentarity’ with Venezuela in energy trade amid Gulf crisis The South Asian nation had stopped buying Venezuelan oil last year, after U.S. President Donald Trump authorised a 25% discretionary tariff on countries buying crude from Caracas. It resumed purchases when sanctions were eased in February following a flagship oil supply pact between the U.S. and Venezuela.
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