Venezuela
(Source : Embassy of India, Caracas)
Potential products of exports for India
Pharmaceutical products - Venezuelan pharmaceutical industry is severely affected by the lack of private investment and relies heavily on the imports for drugs and pharmaceuticals. India is one of the leading manufacturers and exporters of pharmaceuticals in the world and enjoys acceptance in the Venezuelan market due to its quality and competitive prices.
Auto parts - India is one of the top manufacturers of auto-parts in the world. Venezuela is in dire need of auto-parts for all kinds of vehicles.
Oil and gas machinery and spare parts - Venezuela needs oil and gas industry machinery and spare parts to reactivate their oil industry. The Venezuelan oil industry uses machinery and parts which are US standards compliant, and India manufactures such items compliant with US standards at lower rates.
Electric Steel - Venezuelan power generation industry requires an approximate of 5,326 metric tons of two grades of electric steel to be used in the recovery of 20,000 transformers in 2020.
India – Venezuela relations :
Venezuela`s PDVSA brings in Indian firm to help revive crude output and repair refineries: According to media reports, PDVSA signed a five-year deal earlier this year with Indian company Flash Forge Private Limited (F-F) to help restore crude oil output and repair refineries in Venezuela. Under the deal, F-F is to provide "strategic materials, equipments, inputs and spare parts to increase production in the fields operated by PDVSA in the Orinoco Belt, East and West in Venezuela." F-F also has responsibility for "the restoration of gas compression plants, water and gas-injection plants, as well as extra-heavy crude treatment processes, well reconditioning and reconnection, steam generation and electric power generation processes," according to the document. In refining, PDVSA aims to "recover the installed capacity of refineries through the supply of equipment, materials and technical assistance." Venezuela`s total installed refining capacity is 1.28 million bpd, but according to previous reports the country`s two largest refineries have been operating at below 20% this year.