New Delhi [India], June 4 (ANI): India and Venezuela are looking to forge new partnerships and expand economic cooperation, especially in the energy sector, as New Delhi seeks to diversify its crude oil procurement amid supply disruptions from the West Asia crisis.

Addressing a special media briefing after Prime Minister Narendra Modi held talks with Venezuelan Acting President Delcy Rodriguez earlier in the day, MEA Secretary (East) Rudrendra Tandon said that talks focused on cooperation in sectors like animal husbandry, transportation, agriculture, equipment, automotive sector and pharmaceuticals.

Venezuela emerged as India's third-largest crude oil supplier this month, the MEA official said.

'Venezuela has already emerged as the third largest supplier, this month, so naturally today's discussions focused on forging an energy partnership. They see India as a stable demander for many years to come. Therefore, there exists a perfect complementarity for India and Venezuela to work in the energy sector, both upstream and downstream,' Tandon said.

The MEA official elaborated that Venezuela holds one of the largest oil reserves in the world, while India remains a major and steadily growing consumer of crude oil, with sustained demand expected in the years ahead.

'This creates a strong natural complementarity between the two economies in the energy sector,' he said.

'Against this backdrop, discussions have focused on building a structured energy partnership. Although the details of the deliberations remain confidential, it is evident that Venezuela's energy sector is undergoing a significant transformation,' Tandon said.

The discussions, the MEA official said, also went into broadening the economic partnership to other areas.'

Tandon added that Venezuela considers India a 'preferred partner going into the future,' underscoring the continuity and strengthening of bilateral relations.

PM Modi and Rodriguez also explored opportunities for Indian companies to invest in Venezuela's sectors including mining, critical minerals, pharmaceuticals and automobiles, he said.

'Venezuela is a very large country which is resource-rich has talented hardworking people that is now showing the first signs to moving to a path of sustained growth. So there are huge opportunities not just in the energy sector but also in areas like mining, in areas like animal husbandry, transportation, agriculture, equipment, the automotive sector and pharmaceuticals. These two were discussed and the whole idea was to try and work out ways in which Indian commercial entities can enter the Venezuelan market successfully and a new partnership in these areas can be forged,' the MEA official said.

Tandon said that the Venezuelan side acknowledged the fact that India has stood with Venezuela in bad times as well as in good times.

'Overall, I would say that the conversation was very business-like, very substantive. There was genuine warmth between the two delegations and an acknowledgment by the Venezuelan side that India has stood with Venezuela in bad times as well as in good times. It's a long relationship and we are a preferred partner for them going into the future,' he said.

Acting President Delcy Rodriguez of Venezuela is on a working visit to India from June 3 to 6.

'She is accompanied by a very large ministerial delegation that included ministers of foreign affairs, communication and information, economy and finance, science and technology and the minister of transportation,' Tandon said.

The MEA official said that Rodriguez also held talks with External Affairs Minister S Jaishankar and Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri.

'This morning she met Prime Minister Modi for official talks, which went over a working lunch as well. Earlier in the morning, External Affairs Minister Dr S Jaishankar called on her and later in the day as we speak today just now the minister of petroleum will be calling on her,' he said.

Tandon noted that Venezuela was going through a transition period and economic partnership will be built by public and private sector entities.

Tandon said that Rodriguez is 'being exposed to Indian sophistication in the energy sector' so that she can get 'a first hand view of the potential that exists on the indian side.'

Responding to a question in today's media briefing, Tandon said the Rodriguez is also expected to visit facilities in India's energy, pharmaceutical and automobile sectors.

In a statement, the MEA had said that the Venezuelan delegation will visit several sites connected with energy, pharmaceuticals and auto sectors to gain insights into India's technological and industrial capabilities and to explore opportunities for collaboration.

Indian PSUs have made significant investments in Venezuela in the energy sector and they are keen to explore opportunities for further enhancing their presence, the MEA stated. (ANI)