Are India’s Economic Interests in Venezuela Minimal and Independent of Oil?
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Synopsis
As nations worldwide voice their disapproval of the US military actions in Venezuela, industry experts highlight India's minimal economic interests in the country. This article delves into the specifics of India's trade with Venezuela and its implications amidst the ongoing geopolitical tensions.
Key Takeaways
- India's economic interests in Venezuela are minimal.
- Trade volume between the two nations is around $1.175 billion.
- India does not depend on Venezuela for oil.
- Joint ventures exist for oil production.
- Geopolitical tensions impact perceptions of bilateral relations.
New Delhi, Jan 3 (NationPress) As numerous nations around the world condemned the US military strike on Venezuela on Saturday, industry analysts noted that India's economic ties with the South American nation are quite limited, and it does not rely on Venezuela for its oil needs.
The total bilateral trade between India and Venezuela reached $1.175 billion in the fiscal year 2023-24, as per data from the Indian Embassy in Caracas.
India's exports to Venezuela chiefly consist of mineral fuels and oils along with products derived from their distillation; bituminous materials; pharmaceuticals; cotton; nuclear reactors; boilers; machinery and mechanical appliances; electrical machinery; sound recorders; television equipment; clothing accessories; and miscellaneous chemical items.
Experts emphasize that this bilateral trade is considerably low, and India is not reliant on Venezuela for crude oil imports.
The primary imports from Venezuela to India include mineral fuels and oils, distillation products, bituminous materials, mineral waxes, iron and steel, aluminum, edible vegetables, certain roots and tubers, copper, lead, zinc, wood products, and others, as noted by the Embassy.
ONGC Videsh Limited (OVL) and Corporacion Venezolana del Petroleo (CVP), a subsidiary of PdVSA, have formed a joint venture called PetroleraIndovenezolana SA for oil exploration and production in the San Cristobal area, with OVL holding a 40% stake and PDVSA owning the remaining 60%.
OVL's investment in the San Cristobal project is estimated at around US $200 million.
An international consortium, including ONGC Videsh Limited, Indian Oil Corporation, Oil India Limited, Repsol from Spain, and Petronas from Malaysia, won an international bidding in April 2008 to develop a multi-million dollar oil project integrated in Carabobo in Venezuela's Orinoco belt.
Meanwhile, Venezuelan Vice President Delcy Rodriguez stated on Saturday that the whereabouts of President Nicolas Maduro and his spouse, Cilia Flores, are currently unknown following the US strikes in Caracas, Miranda, Aragua, and La Guaira early Saturday local time.
Earlier, US President Donald Trump claimed that Venezuela's President and his wife had been “captured” and “flown out” of the country.
Point of View
It is crucial to acknowledge the nuanced relationship India maintains with Venezuela. While geopolitical events unfold, it is evident that India's economic ties are not significantly impacted by Venezuela's oil supplies. This positions India to navigate its interests wisely amidst global tensions.
NationPress
05/01/2026
Frequently Asked Questions
What is the current trade volume between India and Venezuela?
The bilateral trade between India and Venezuela stood at approximately $1.175 billion in the fiscal year 2023-24.
Is India dependent on Venezuela for oil?
No, industry experts indicate that India does not rely on Venezuela for its oil imports.
What are the primary exports from India to Venezuela?
India’s exports mainly include mineral fuels, pharmaceuticals, cotton, machinery, and various chemical products.
What joint venture exists between India and Venezuela?
ONGC Videsh Limited and Corporacion Venezolana del Petroleo have formed a joint venture called PetroleraIndovenezolana SA for oil production in Venezuela.
What are the major imports from Venezuela to India?
India's imports from Venezuela primarily consist of mineral fuels, oils, and various metals and agricultural products.
