Trade and investment between India and Venezuela

This article covers trade and investment between India and Venezuela: bilateral trade figures, the main goods traded, investment and supply in the oil sector, and recent ministerial and business contacts. It is based on the MEA brief of May 2026, and all figures are given as they appear there.

Bilateral trade

According to the MEA brief of May 2026, total bilateral trade between India and Venezuela in FY 2025-26 was US$ 678.94 million, with Indian exports of US$ 210.02 million and Indian imports of US$ 468.92 million.

In 2024-25, bilateral trade amounted to US$ 1,863.70 million. Of this, India's exports to Venezuela were US$ 216.99 mn and India's imports from Venezuela US$ 1,646.71 mn.

Main goods traded

The main items of India's exports to Venezuela are mineral fuels and oils and products of their distillation, bituminous substances, pharmaceutical products, cotton, and nuclear reactors and boilers.

The main items of India's imports from Venezuela are mineral fuels and oils and products of their distillation, bituminous substances, mineral waxes, iron and steel, and aluminium.

Oil sector investment and supply

ONGC Videsh Limited (OVL) and Corporacion Venezolana del Petroleo (CVP), a subsidiary of PDVSA, have a joint venture called "PetroleraIndovenezolana SA" for the production and exploration of oil in the San Cristóbal field. OVL has a 40% stake and PDVSA has 60%. According to the brief, OVL's investment in the San Cristóbal project is approximately US$ 200 million.

Reliance Industries Limited (RIL) has a 15-year crude supply contract with PDVSA. RIL obtained an OFAC license from the US Treasury in February 2026 for crude imports from Venezuela.

Pharmaceutical products are among India's main exports, and a 2026 MoU on the recognition of Indian Pharmacopoeia is described in the cooperation article. The Joint Commission set up in 2005 is described in the relations article.

Ministerial and business contacts

Shri Jyotiraditya Scindia, then MoS for Trade and Industry, made an official visit to Venezuela on July 8-9, 2012 with a 20-member IIC business delegation. He held talks with the Venezuelan Minister of Commerce, the Minister of Health, the Deputy Foreign Minister and the Vice President of PDVSA. Minister of State (independent charge) for Petroleum and Natural Gas Shri Dharmendra Pradhan met former Oil and Mining Minister Mr. Asdrúbal Chavez in Vienna on June 4, 2015.

At the invitation of Shri Piyush Goyal, Venezuelan Minister of Foreign Trade Coromoto Godoy took part in the 10th CII-LAC Conclave on 19-20 March 2025, accompanied by Tatiana Pugh, Vice Minister for Asia, Middle East and Oceania, Ministry of Foreign Affairs. She met the MoS for Commerce & Industry during the visit. During her earlier visit in February 2025, Minister Godoy held separate meetings with FICCI, NOIDA SEZ and private businesses.

A 2-member delegation led by the Minister for Ecological Mining Development, Hector Silva, visited India on 14-15 November 2025 for the 30th CII Partnership Summit in Visakhapatnam. He met Shri Piyush Goyal and discussed cooperation in the critical minerals sector.

Since the brief of May 2026

Later developments in India and Venezuela relations, from MEA publications, newest first. The article above reports the brief at its date.

Questions and answers

What was India-Venezuela trade in 2025-26?

According to the MEA brief of May 2026, total bilateral trade in FY 2025-26 was US$ 678.94 million, with Indian exports of US$ 210.02 million and imports of US$ 468.92 million.

Does ONGC Videsh have oil interests in Venezuela?

Yes. OVL has a joint venture with CVP, a subsidiary of PDVSA, called PetroleraIndovenezolana SA in the San Cristóbal field. OVL has a 40% stake and its investment is approximately US$ 200 million.

What does India import from Venezuela?

The main items are mineral fuels and oils and products of their distillation, bituminous substances, mineral waxes, iron and steel, and aluminium.

Sources

This article reports what the sources state at their date and does not add facts from elsewhere. Figures, office holders and agreements may have changed since. Diplo is independent and not affiliated with any government. Suggest a correction.