Prime Minister Narendra Modi on Friday spoke with Venezuela’s acting President Delcy Rodriguez. Both leaders agreed to deepen bilateral ties and expand cooperation in multiple areas.
Sharing the conversation on X, PM Modi said, “Spoke with Acting President of Venezuela, Ms. Delcy Rodriguez. 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.” The discussion follows the capture of former Venezuelan President Nicolas Maduro earlier this month, a move that has significantly reshaped the country’s leadership.
Add about ONGC dividend here
Earlier this month, amid changing geopolitical developments following the recent US intervention in Venezuela, India intensified efforts to recover nearly $580 million in pending dividends from ONGC Videsh Ltd (OVL), highlighting the growing impact of sanctions on India’s overseas energy investments, according to sources familiar with the matter.
India is actively engaging diplomatically with both Washington and Caracas to resolve the issue.
The blocked dividends pertain to OVL’s stake in Venezuela’s San Cristobal oilfield, where the Indian state-run company holds a 40% participating interest, while the remaining share belongs to the Venezuelan national oil company, Petróleos de Venezuela, S.A. (PdVSA).
Payments have remained frozen for several years due to US sanctions on Venezuela’s oil sector, which have disrupted production and limited cross-border financial transfers.
“Ministerial level talks are underway, involving all the stakeholders. There is no final outcome yet, but talks have gained momentum in recent weeks,” said an official aware of the discussions, who requested anonymity. “We are on the brighter side, given the changing circumstances,” the official added.
India Monitors Situation Closely
The Ministry of External Affairs had earlier expressed concern over the developments in Venezuela, calling the situation “a matter of deep concern” and noting that it is being closely monitored.
“India reaffirms its support to the well-being and safety of the people of Venezuela. We call upon all concerned to address issues peacefully through dialogue, ensuring peace and stability of the region. The Embassy of India in Caracas is in contact with members of the Indian community and will continue to provide all possible assistance,” the MEA said in a statement on January 4.
Military Support and Global Reactions
Since assuming office, Rodriguez has moved to consolidate power. On January 28, Venezuela’s military and police publicly pledged loyalty to her during a ceremony at the Military Academy of the Bolivarian Army in Caracas. Defence Minister Vladimir Padrino declared, “We swear absolute loyalty and subordination.”
The acting president has also begun releasing political prisoners and managing Venezuela’s complex international relations following the US-led operation that captured Maduro and his wife, Cilia Flores. The former president and first lady were flown to the United States and face charges related to alleged drug trafficking and narco-terrorism conspiracies.
Rodriguez condemned the US operation in her address to the National Assembly, saying, “They invaded and kidnapped President Maduro and the First Lady. It is a stain on the relations between the United States and Venezuela, and we said that we were going to resolve that stain diplomatically.”
Amid these developments, Modi’s call underscores India’s commitment to engagement with Venezuela, advocating dialogue, stability, and continued cooperation between the two nations.