https://sputnikglobe.com/20221122/india-explores-investment-in-venezuelas-oil-and-gas-sector-1104529928.html
India Explores Investment in Venezuela’s Oil & Gas Sector
India Explores Investment in Venezuela’s Oil & Gas Sector
Sputnik International
US sanctions on Venezuela hurt Indian refineries that had been purchasing cheaper heavy crude oil and exporting petroleum products to the US and Europe. 22.11.2022, Sputnik International
2022-11-22T11:42+0000
2022-11-22T11:42+0000
2022-11-22T12:48+0000
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India is reportedly exploring ways to further enhance bilateral trade with Venezuela, a Latin American nation facing oil and economic sanctions from the US, amid rising crude oil import bills.The discussions were held during the fourth round of foreign office consultations between the two nations in Caracas.“Secretary (East) also called on the Foreign Minister of Venezuela Carlos Rafael Faria Tortosa and exchanged views on India’s investments in the oil sector and ways to further enhance bilateral ties,” India’s Ministry of External Affairs said in a statement, without revealing specific details.Exchanging views on regional and international issues of “common interest,” the high-rank officials “comprehensively reviewed their bilateral relations,” covering areas such as political, trade, energy, health and pharmaceuticals spheres, among others. Delhi has been urging Washington to reconsider its sanctions against Venezuela to ease higher oil prices.Speaking in New York in September, Indian Foreign Minister S. Jaishankar rued the West, saying, “If you put Iran [oil supplies] out of the market, Venezuela out of the market, you want to put Russia out of the market. What is the world supposed to do? This is not about de-risking, this is about keeping the markets alive. And these are policy choices which countries have made." However, US Secretary of State Antony Blinken said, “On Venezuela, there is no change in our policy or on our approach.” Indian Oil Minister Hardeep Singh Puri also underlined that Delhi is willing to purchase oil from anywhere, as the government has a moral obligation towards its over 1.3 billion people. Trade and shipping data shows that Indian companies have been importing significant volumes of petroleum from Venezuela since July this year for the first time since the US unveiled an oil embargo on the Caribbean nation in 2019.India’s imports from Venezuela saw a jump of 239 percent between April-September against the same period of the last year, with the maximum jump registered in the supply of Venezuelan “mineral fuels, mineral oils, bituminous substances.” In October, Venezuelan President Nicolás Maduro sought investments from countries like India and China in the Orinoco Belt, which possesses 271 million barrels of heavy and extra-heavy crude oil, equivalent to 20% of the world’s proven reserves.
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India Explores Investment in Venezuela’s Oil & Gas Sector
11:42 GMT 22.11.2022 (Updated: 12:48 GMT 22.11.2022) US sanctions on Venezuela hurt Indian refineries that had been purchasing cheaper heavy crude oil and exporting petroleum products to the US and Europe.
India is reportedly exploring ways to further enhance bilateral trade with Venezuela, a Latin American nation facing oil and economic sanctions from the US, amid rising crude oil import bills.
The discussions were held during the fourth round of foreign office consultations between the two nations in Caracas.
“Secretary (East) also called on the Foreign Minister of Venezuela Carlos Rafael Faria Tortosa and exchanged views on India’s investments in the oil sector and ways to further enhance bilateral ties,” India’s Ministry of External Affairs said in a statement, without revealing specific details.
Exchanging views on regional and international issues of “common interest,” the high-rank officials “comprehensively reviewed their bilateral relations,” covering areas such as political, trade, energy, health and pharmaceuticals spheres, among others.
Delhi has been urging Washington to
reconsider its sanctions against Venezuela to ease higher oil prices.
Speaking in New York in September, Indian Foreign Minister S. Jaishankar rued the West, saying, “If you put Iran [oil supplies] out of the market, Venezuela out of the market, you want to put Russia out of the market. What is the world supposed to do? This is not about de-risking, this is about keeping the markets alive. And these are policy choices which countries have made."
“It's not about getting energy transition right. It is about getting the politics of the world right,” Jaishankar added.
However, US Secretary of State Antony Blinken said, “On Venezuela, there is no change in our policy or on our approach.”
Indian Oil Minister Hardeep Singh Puri also underlined that Delhi is willing to
purchase oil from anywhere, as the government has a moral obligation towards its over 1.3 billion people.
Trade and shipping data shows that Indian companies have been importing significant volumes of petroleum from Venezuela since July this year for the first time since the US unveiled an oil embargo on the Caribbean nation in 2019.
India’s imports from Venezuela saw a jump of 239 percent between April-September against the same period of the last year, with the maximum jump registered in the supply of Venezuelan “mineral fuels, mineral oils, bituminous substances.”
In October, Venezuelan President Nicolás Maduro sought investments from countries like India and China in the Orinoco Belt, which possesses 271 million barrels of heavy and extra-heavy crude oil, equivalent to 20% of the world’s proven reserves.
