Start of a strategic alliance: India and Venezuela joint venture in energy production and use
Sonia Chopra
Mar. 5, 2005

India and Venezuela is planning to embark upon a strategic era of cooperation in the field of energy production and use. India likely will take a 49 percent stake in the San Cristobal oilfield in Venezuela in return for equity in India's ONGC refining subsidiary, Mangalore Refinery and Petrochemicals Ltd., Indian Petroleum Minister Mani Shankar Aiyar said to the media.

Indian officials of the Ministry of Petroleum will visit Venezuela in April for further discussions.

Venezuela has entered into similar arrangements with China. India, China, Brazil and Russia all have enhanced relationship with Venezuela for tapping the energy sources of Venezuela.

Venezuela is eager to enter into a relationship with all the countries of BRIC alliance – Brazil, Russia, India and China. For Venezuela the relationship with BRIC is strategic and more than just sharing energy.

Victor Chavez, President of Venezuela is an open critic of America. He needs BRIC nations on his side. BRIC on the other hand is not that eager to antagonize either the Americans or the Europeans.

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