New Delhi [India], June 5 (ANI): There exists a perfect complementarity for India and Venezuela to work in the energy sector, both upstream and downstream, Ministry of External Affairs Secretary (East) Rudrendra Tandon said on Thursday, noting that the discussions during the visit of Venezuelan Acting President Delcy Rodriguez, also went into broadening the economic partnership to other areas.

Addressing a special press conference on the visit of Venezuela's Acting President Delcy Eloina Rodriguez Gomez, Rudrendra Tandon said India is a stable buyer and is diversifying its oil sources.

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

'Venezuela is a resource-rich country. It's not just critical minerals; it's also gold, diamonds, and other materials. So, mining is very much there. In fact, there was a discussion on how to assess the potential reserves that they have, or whether we could cooperate in that area, and that is very much part of the follow-up activities we will be undertaking,' he added.

Answering a query, he said BRICS did come up during discussions. ,'If I recollect correctly in the conversation, it was more to compliment India and the Prime Minister for his chairmanship of BRICS.'

Rudrendra Tandon said the Venezuela leader was accompanied by a large delegation of ministers.

'She met PM Modi for official talks, which went over a working lunch as well,' he said.

The senior official said that the problems in the Middle East have led all governments, including India, to aggressively seek to diversify their sources.

'We will do that. We are a large customer of crude oil. We are growing, so we are going to be a stable consumer of oil. Producers also around the world look at us as a useful relationship to have because it will protect them from spikes in the energy market as sellers. So we will go where there is oil at a good price. But actually that's not part of the visit,' he said.

He said a clear message from the visiting leader was that Venezuela looks at India as a preferred partner.

'The discussions on the energy sector were extensive. The talk of partnership was not just buyer- seller. It was participation of Indian companies upstream and downstream in all its aspects. Of course, the details of this cannot be worked out at the Prime Minister level. This will have to be taken up by the companies themselves,' he said. .

'But the message that came across very clearly from the Venezuelan side is that they are open for business, their industry, they are reforming their industry. So, there are great opportunities for India. And our response to that was that we are willing, our companies are willing, and we will take steps to facilitate that as a government. But ultimately, it is a commercial decision that Indian companies in the energy sector will have to take,' he added.

He said payments will be made in the way that the companies want.

'The fact is that today, as of now, in spot buying, Venezuela has emerged as the third or the fourth largest source of supply. The Government of India, as you know, because of the developments in the Middle East, is aggressively seeking out new sources of crude oil and energy to ensure India's energy security. So Venezuela is an opportunity and it is very much part of our plan,' he said.

Tandon said Venezuela has been a traditionally close friend of India.

'Coming to the political transition, of course, this was a very frank conversation that the two leaders had, both during when all of us were there as well as on the table when they were having their working lunch. But I don't think that I should get into those sort of things. We all know that there was a transition in Venezuela. But we are working with a government that is friendly, that wants a partnership with India,' he said.

'We want to reciprocate that. And don't forget that Venezuela has been traditionally a very close friend with us both, bilaterally, we have done a lot of partnerships and as well as at the international level, we have collaborated very closely. So, we are just going back to normal,' he added.

Tandon said that the pharmaceuticals' sector was discussed in great detail.

(ANI)