India's Economic Interests in Venezuela Minimal, Not Dependent for Oil
India holds minimal economic interests in Venezuela and is not dependent on its oil, despite a recent US military attack. Bilateral trade reached $1.175 billion in 2023-24, largely comprising mineral fuels and machinery. Indian oil companies, including ONGC Videsh Limited (OVL), maintain minor investments like a 40% stake in a joint oil venture. The article also reports the unknown whereabouts of Venezuelan President Nicolas Maduro following the US attacks.
Following a US military attack on Venezuela, industry watchers emphasize that India's economic ties to the South American nation are minimal, and it is not reliant on Venezuela for crude oil. Bilateral trade between the two countries stood at $1.175 billion in 2023-24. India's exports to Venezuela primarily include mineral fuels, pharmaceutical products, cotton, and various machinery, while its imports consist mainly of mineral fuels, bituminous substances, and metals like iron, steel, and aluminum.Despite the overall minimal trade, Indian energy companies have some involvement in Venezuela's oil sector. ONGC Videsh Limited (OVL) holds a 40% stake in PetroleraIndovenezolana SA, a joint venture with Corporacion Venezolana del Petroleo (CVP) for oil exploration and production in the San Cristobal field, representing an OVL investment of approximately $200 million. Additionally, OVL, along with Indian Oil Corporation (IOC) and Oil India Limited (OIL), was part of an international consortium that secured a bid in 2008 to develop a multi-million-dollar integrated oil project in Carabobo, located in Venezuela's Orinoco belt. These investments underscore a strategic, albeit limited, Indian presence in the country's energy resources.The article also touches upon the recent political volatility, noting Venezuelan Vice President Delcy Rodriguez's statement that President Nicolas Maduro and his wife, Cilia Flores, are unaccounted for after the US attacks in various Venezuelan cities. This follows earlier claims by US President Donald Trump regarding their alleged capture and flight from the country, adding to the ongoing geopolitical tensions surrounding Venezuela.
