New Delhi, Feb 1: India’s Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, affirmed the country’s longstanding purchases of Venezuelan crude oil, highlighting that Indian refineries are equipped to process the heavier oil produced by Venezuela.
Speaking after the India Energy Week 2026, Puri emphasized the enduring relationship with Venezuelan oil and noted that various international delegations, including those from Venezuela, participated in the event. He described the recently presented Union Budget 2026-27 as “very positive” and “forward-looking,” expected to support India’s growth momentum and facilitate the energy transition, which is a priority for his Ministry.
Puri mentioned the budget’s benefits for both upstream extraction companies and downstream integrated refineries with petrochemical capabilities. On critical minerals, he explained that multiple ministries are involved in boosting exploration, with state-owned Oil India Limited playing an active role.
Additionally, he remarked that modern refineries are increasingly designed for integrated petrochemical production, aligning with the global trend toward cleaner energy.
Puri’s comments follow U.S. President Donald Trump’s statement suggesting that India would buy oil from Venezuela instead of Iran as part of a shift in global energy partnerships.
