Venezuela's acting President Delcy Rodriguez arrives in India on 5-day visit

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NEW DELHI: Venezuelan vice president Delcy Rodriguez arrived in India on Wednesday on a five-day visit to expand energy cooperation, as New Delhi seeks to diversify its crude oil procurement amid supply disruptions from the West Asia crisis.Besides energy, the two sides are also set to explore ways to shore up cooperation in areas of trade and investment, pharmaceuticals and technology.Rodriguez is scheduled to hold wide-ranging talks with Prime Minister Narendra Modi on Thursday.”A warm welcome to Acting President Delcy Rodriguez of Venezuela on her arrival in New Delhi,” External Affairs Ministry spokesperson Randhir Jaiswal said on social media.”The visit will further deepen India-Venezuela ties and build on the momentum in the bilateral partnership.”Rodriguez took charge as Venezuela’s acting president following the detention of then president Nicolas Maduro by US forces in January.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.New Delhi started purchasing crude oil from Venezuela after the sanctions were lifted following Maduro’s capture. Indian oil marketing companies significantly ramped up crude oil sourcing from Venezuela in the last few weeks largely due to the West Asia crisis.The Venezuelan acting president is accompanied by several ministers, including the ministers of foreign affairs, economy and finance, science and technology, communication and information, and transportation.The Venezuelan delegation will visit several sites connected with energy, pharmaceuticals and auto sectors to gain insights into India’s technological and industrial capabilities and to explore opportunities for collaboration.India and Venezuela share a history of warm relations. A major thrust to the bilateral relationship was imparted by former president Hugo Chavez’s State visit to India in March 2005.The two countries have robust cooperation in the energy sector.The ONGC Videsh Limited (OVL) has a joint venture with Corporacion Venezolana del Petroleo (CVP).The joint venture is known as “PetroleraIndovenezolana SA” for the production and exploration of oil in the San Cristobal field, in which the OVL has a 40-per cent stake.