New Delhi says Indian energy companies are ready to deepen their presence in the country and increase trade with Caracas
Venezuela is seeking India's participation in its oil sector, as it looks for reliable markets for its oil and foreign investment to rebuild its energy industry.
The offer comes as India, the world's largest oil importer, is diversifying its energy sources following disruptions in the Middle East caused by the US-Israeli war against Iran.
Venezuela's acting president, Delcy Rodriguez, who is on a visit to New Delhi, told Indian Petroleum and Natural Gas Minister Hardeep Singh Puri that she welcomes the participation of Indian companies in the country's oil and gas sector.
She highlighted the complementarities that exist between India and Venezuela in the energy sector and invited an Indian delegation to visit the country to explore opportunities for enhanced cooperation, the Indian Petroleum and Natural Gas Ministry said in a press release.
Before 2019, India was a major buyer of the heavy, sulfur-rich Venezuelan crude oil until US sanctions restricted trade. Indian refineries are equipped to process heavy grade Venezuelan crude, making the country an ideal buyer.
Indian refiners resumed imports in February when Washington eased the sanctions.
Puri told Rodriguez that Indian companies are ready to deepen their presence in Venezuela and expand energy trade. Venezuela, which has the world's largest proven oil reserves, emerged as one of India's top suppliers in April and May, Puri said.
Indian public sector oil majors have had a presence in the South American country's upstream oil sector since 2008, with a total investment of around $1 billion in the San Cristobal and Petrocarabobo-1 projects in Venezuela's Orinoco Belt.
Rodriguez became Venezuela's acting president following the capture and removal of President Nicolas Maduro by US forces in January. The administration of US President Donald Trump took control of Venezuela's oil sales, with the funds going into US-supervised accounts.
US Secretary of State Marco Rubio made a push last month for the sale of both American and Venezuelan oil to India, saying the US wants "a bigger part" of India's energy imports, pointing to "opportunities with Venezuelan oil."
READ MORE: Venezuela's Rodriguez to push energy trade in talks with India
Venezuela's oil sector, long-crippled by US sanctions, is poised for private sector investment and cooperation after Rodriguez signed a law in January stripping state-owned Petroleos de Venezuela SA of its production and pricing monopolies.
