Venezuela-India trade to reach $1 billion this year | india | Hindustan Times
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Venezuela-India trade to reach $1 billion this year

India has bought $400 million worth of crude so far this year and wants 'to buy more,' India's Ambassador to Venezuela Deepak Bhojwani said.

india Updated: Jun 07, 2006 09:52 IST

Trade between Venezuela and India will reach $1 billion this year boosted by Venezuelan crude exports to one of Asia's fastest-growing economies, the Indian ambassador has said.

India has bought $400 million worth of crude so far this year and wants 'to buy more,' India's Ambassador to Venezuela Deepak Bhojwani said on Tuesday after a meeting with the country's Vice-President.

India is seeking energy security and Venezuela is a willing supplier, Bhojwani was quoted as saying in a statement from the Vice-President's office.

Bhojwani said bilateral trade hit $138 million in 2005, up from $60 million in 2004.

Venezuela plans to sign a deal that allow India to extract heavy crude here and would also include an agreement to supply oil to Indian refineries, Oil Minister Rafael Ramirez said earlier this month.

Among the products that Venezuela is buying from India are medicines and cars.

President Hugo Chavez has sought to boost commercial ties with other nations to reduce Venezuela's dependence on the United States as its primary market for oil.