Modi Calls Venezuela President: $580 Million Dividend at Stake

Prime Minister Narendra Modi on Friday held a high-level call with Venezuela’s acting President Delcy Rodriguez, reaffirming India’s commitment to strengthening bilateral relations. Both leaders agreed to deepen cooperation across multiple sectors and expand their strategic partnership in the coming years.

India Pursues Frozen Energy Dividends

The diplomatic engagement comes amid India’s intensified efforts to recover nearly $580 million in pending dividends from ONGC Videsh Ltd’s stake in Venezuela’s San Cristobal oilfield. These payments have remained frozen for several years due to stringent US sanctions on Venezuela’s oil sector, which have severely disrupted production and hindered cross-border financial transfers.

India is actively engaging with both Washington and Caracas to resolve the issue through ministerial-level talks involving all stakeholders. According to officials, the discussions have gained significant momentum in recent weeks, with optimism about potential resolution given the changing political circumstances in Venezuela.

Consolidating Power and Regional Stability

Acting President Rodriguez has moved swiftly to consolidate her authority since assuming office. On January 28, Venezuela’s military and police pledged absolute loyalty during a ceremony at the Military Academy in Caracas. Rodriguez has also begun releasing political prisoners and managing Venezuela’s complex international relations following the US-led operation that captured former President Nicolas Maduro and First Lady Cilia Flores.

India’s Ministry of External Affairs continues to monitor the situation closely, emphasizing its commitment to dialogue, peace, and stability in the region. The Embassy in Caracas maintains contact with the Indian community, providing essential assistance while pursuing diplomatic channels for the dividend recovery and broader cooperation.