Piyush Goyal Advocates Revival Of India-Venezuela Bilateral Mechanism As Caracas Seeks Critical Mineral & Investment Ties

In a much-needed effort to strengthen ties between New Delhi and Caracas, Commerce and Industry Minister Piyush Goyal had a friendly, productive meeting with Venezuela’s Minister for Ecological Mining Development, Héctor Silva, on the sidelines of the CII Partnership Summit in Visakhapatnam on Saturday. 

After years of the relationship revolving almost entirely around oil, the two leaders finally turned the page. They explored fresh avenues for cooperation, giving the bilateral bond a real chance to grow beyond the usual energy talk.

Key Outcomes from the Visakhapatnam Bilateral Talks

As per a release from the Ministry of Commerce & Industry, the meeting took place on the sidelines of the 30th CII Partnership Summit in Visakhapatnam on November 14-15, 2025. 

During the talks, the Venezuelan delegation showed keen interest in broadening ties with India beyond the energy sector.

According to the release, “…the Venezuelan side expressed interest in expanding economic engagement with India beyond the oil sector, including cooperation in critical minerals and attracting Indian investment.”

Goyal stressed the importance of restarting the India-Venezuela Joint Committee Mechanism, noting that its last session occurred about 10 years ago.

He pointed out that ONGC's active projects in Venezuela could pave the way for expanded work in mining and exploration. Additionally, he proposed that Venezuela recognize the Indian Pharmacopeia to ease pharmaceutical exports and flagged prospects in the auto industry.

"India would engage with businesses exploring investment prospects in Venezuela," the release stated.

Goyal assured that India would connect with companies interested in Venezuelan opportunities.

Trade Dynamics and Economic Exchanges

Bilateral trade has seen ups and downs, largely driven by oil. India's exports to Venezuela include pharmaceuticals, machinery, electrical equipment, and textiles.

In return, imports mainly consist of crude oil, metals like iron, steel, and aluminum, plus some agricultural products and chemicals.

According to data from DGCI&S, Kolkata, trade volumes peaked at $6.397 billion in 2019-20 but dipped sharply to $96 million in 2023-24, reflecting global shifts and economic challenges. Despite the decline, energy remains a cornerstone.

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Energy Collaborations and Investment Ventures

Indian firms have deep roots in Venezuela's oil fields. ONGC Videsh Limited holds a 40% stake in the San Cristobal project through a joint venture with PDVSA's subsidiary, with investments of around $200 million.

Another consortium involving ONGC Videsh, Indian Oil Corporation, Oil India Limited, and international partners won rights to develop the Carabobo project in the Orinoco belt.

Private players like Reliance Industries have long-term crude supply deals with PDVSA, while Essar (now Nayara) is a major importer. These partnerships underscore the strategic importance of Venezuela's resources for India's energy needs.