New Delhi: Amid ongoing Indian efforts to diversify its oil supply, Prime Minister Narendra Modi met Venezuela’s acting President Delsey Rodriguez and discussed ways to deepen energy partnership.The Latin American country, which tops the list of countries with the largest proven oil reserves, has emerged as one of the top crude oil suppliers to India in recent weeks.Although no agreement was signed, both sides focused on securing long-term energy contracts, citing “full complementarity” in the energy sector. In a post on Twitter, the PM said they held wide-ranging discussions on enhancing cooperation not only in energy but also in critical minerals, technology, agriculture, health and people-to-people ties.As India looks to diversify, Venezuela leads the way: Great opportunities existAs a valued partner in Latin America, our close cooperation with Venezuela is of vital importance to the Global South. We will continue to work together for the mutual benefit of the people of our nations,” the PM said.After effectively taking control of Venezuela’s oil industry, the US had put pressure on India to resume purchases from the country. India was one of the largest importers of Venezuelan crude in 2020 when it halted purchases due to US sanctions.US Secretary of State Marco Rubio, ahead of his visit to India last month, had first announced that Rodriguez would visit India soon. According to officials, Rodriguez’s message was that Venezuela is open for business, and there are great opportunities for India as it looks to diversify its supplies at a time when the Strait of Hormuz is under siege from the US-Iran conflict.“Venezuela sees India as a stable demand for many years to come. Therefore, there is a complete complementarity both upstream and downstream to work in the energy sector,” said Rudrendra Tandon, Secretary (East) in the Ministry of External Affairs, adding that Venezuela has already emerged as the third largest supplier to India in terms of spot purchases this month.The discussions also focused on enhancing cooperation in sectors such as mining, agriculture, critical minerals and pharmaceuticals. Asked whether payment for the crude would be made directly to the US or Venezuelan government, the official said the actual work would be done by commercial entities in both the public and private sectors.“All of these companies operate on a global scale in global markets. Therefore, they have to consider the existing payment methods that will be adopted when carrying out economic activity in Venezuela,” Tandon said.On details of the energy partnership the two sides are considering, the official said oil exporters realize the importance of India as a stable and long-term buyer. “Therefore, it is in their interest to enter into long-term contracts rather than making spot purchases. We hope that at some stage, we will move to long-term secure supplies from all our suppliers,” the official said. He said the Indian refining industry is well equipped to handle Venezuela’s “hard” crude.The Ministry of External Affairs said that during her five-day working visit to India, Delsey Rodriguez will visit several sites related to the energy, pharmaceuticals and auto sectors to gain knowledge about India’s technological and industrial capabilities and explore opportunities for cooperation.