India and Venezuela on Thursday agreed to forge a long-term energy partnership, along with measures to ramp up economic ties –including in critical minerals, pharmaceuticals, agriculture and automobiles– after extensive talks between Prime Minister Narendra Modi and Venezuelan Vice President Delcy Rodriguez.

Rodriguez is on a five-day visit to India to bolster the overall bilateral cooperation against the backdrop of New Delhi seeking to diversify its crude oil procurement amid supply disruptions due to the West Asia conflict.

India’s procurement of Venezuelan crude oil has picked up momentum since April and the South American nation has already emerged as the third largest oil supplier to the country.

In the meeting, the Venezuelan leader indicated that her country looks at India as a “preferred energy partner” given the size of the Indian economy and the fact that it will be stable buyer in the energy market for many years to come, Secretary (East) in the Ministry of External Affairs Rudrendra Tandon said.