Indian energy companies are seeking to deepen their presence in Venezuela as bilateral energy ties strengthen, following a sharp rise in crude imports from the South American producer, according to a June 5 Reuters report.
India’s Oil Minister Hardeep Singh Puri conveyed the interest during a meeting with Venezuelan Interim President Delcy Rodriguez in New Delhi on June 4.
“Indian companies are willing to deepen their presence in Venezuela… 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 of Petroleum said, quoting Puri.
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The discussions focused on expanding cooperation in upstream and downstream energy sectors, as Venezuela positions itself as a key supplier for India’s refining system.
India was the second-largest importer of Venezuelan crude in May, with purchases reaching 427,000 barrels per day, according to Reuters data. The South American nation has also ranked among India’s top crude suppliers in April and May.
The talks come as Venezuela continues to rebuild its oil industry and India works to diversify its crude supply sources amid global energy market disruptions.
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Recent policy changes have altered the operating landscape in Venezuela. Reforms approved by the country’s National Assembly allow private companies to take operational and commercial control of projects and access arbitration, while reducing the state’s exclusive role through Petróleos de Venezuela, S.A. (PDVSA).
