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India Prioritizes Energy Security for 1.4 Billion, Eyes Venezuela Oil

India's Ministry of External Affairs has declared ensuring energy security for its 1.4 billion citizens as the government's supreme priority, guided by a strategy to diversify sourcing based on market conditions. The spokesperson highlighted Venezuela as a long-standing partner in crude oil trade and investment, noting imports were halted due to sanctions but could resume based on commercial viability. Prime Minister Narendra Modi recently spoke with Venezuela's Acting President Delcy Rodríguez, agreeing to deepen the bilateral partnership across multiple sectors. Indian public sector units have maintained a presence in Venezuela's oil sector since 2008, underscoring the enduring energy relationship.

Key Points: India's Energy Security Strategy & Venezuela Oil Partnership

  • Energy security is top national priority
  • Strategy focuses on diversifying energy sources
  • Venezuela is a long-standing energy partner
  • India open to commercial oil deals with Venezuela
  • PM Modi discussed deepening bilateral ties
3 min read

Ensuring energy security of 1.4 billion Indians remains govt's supreme priority: MEA

India reaffirms energy security as supreme priority, details strategy to diversify sources, and discusses oil trade prospects with Venezuela.

"Ensuring the energy security of 1.4 billion Indians is its supreme priority. - Randhir Jaiswal, MEA Spokesperson"

New Delhi, Feb 5

Reiterating that ensuring energy security remains a top national priority, India on Thursday said that the government's strategy to diversify energy sources is shaped by market conditions and evolving international dynamics.

"In so far as India's energy security or energy sourcing is concerned, the government has stated publicly on several occasions that ensuring the energy security of 1.4 billion Indians is its supreme priority. Diversifying energy sourcing in keeping with objective market conditions and evolving international dynamics is at the core of our strategy to ensure this. All of India's decisions are taken and will continue to be taken with this objective in mind," Ministry of External Affairs (MEA) spokesperson Randhir Jaiswal said during a weekly media briefing in New Delhi on Thursday.

Replying to another question on India's energy engagement with Venezuela, the MEA spokesperson stated that the South American nation has long been India's key partner in the crude oil and trade and investment sectors. He emphasised that New Delhi remains open to assessing the commercial viability of any crude supply options, including from Venezuela.

"As far as Venezuela is concerned, it has been a long-standing partner for us in the area of energy, both on the trade side and also on the investment side. We were importing energy or crude oil from Venezuela till 2019-20, and thereafter, we had to stop. Again, we started buying oil from Venezuela in 2023-2024, but had to stop because of the reimposition of sanctions," Jaiswal stated.

"As you are aware, Indian PSUs have established a partnership with the National Oil Company of Venezuela, PDVSA, and our PSUs have maintained a presence in the country since 2008. Consistent with our approach to energy security, India remains open to exploring the commercial merits of any crude supply options, including from Venezuela," he added.

Last week, Prime Minister Narendra Modi received a telephone call from the Acting President of Venezuela, Delcy Eloína Rodriguez Gomez, with the two leaders having a detailed discussion on deepening the partnership between both countries during their conversation.

"Spoke with Acting President of Venezuela, Ms. Delcy Rodríguez. 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," PM Modi posted on X after the phone call.

According to the Prime Minister's Office (PMO), the two leaders agreed to further expand and deepen the India-Venezuela partnership in all areas, including trade and investment, energy, digital technology, health, agriculture and people-to-people ties.

- IANS

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Reader Comments

P
Priya S
Energy security is crucial, but I hope this strategy also includes a massive push for renewables like solar and wind. We have so much potential there. Let's not just diversify oil sources, but also the type of energy. 🇮🇳
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Rohit P
Venezuela is a good partner to have, but dealing with countries under sanctions is always tricky. Hope our diplomats are navigating this carefully. The stop-start imports show how external politics can disrupt our plans.
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Sarah B
As someone living in a tier-2 city, stable and affordable energy directly impacts my daily life and business costs. This focus is welcome, but the real test is whether it translates to stable prices for the common citizen.
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Vikram M
Our PSUs have been in Venezuela since 2008? That's a long-term commitment. Shows we play the long game in foreign policy. Building these relationships is how you ensure you have options when you need them. Smart move.
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Karthik V
While the intent is good, I have a respectful criticism. The statement feels a bit generic. I wish there were more concrete details on what percentage of our needs this diversification covers and the roadmap for the next 5 years. Transparency builds trust.
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Nisha Z
Good to see engagement in digital

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