New Delhi, Feb 1 (LatestNewsX) Union Minister for Petroleum and Natural Gas, Hardeep Singh Puri, on Sunday, highlighted India’s long-standing purchases of Venezuelan crude, saying that Indian refineries are capable of processing the heavier oil that Venezuela produces.
Speaking to LatestNewsX in the national capital after the recently concluded India Energy Week 2026, Union Minister Puri said delegations from many countries, including Venezuela, attended the event and underlined that India’s relationship with Venezuelan oil dates back many years, with some refineries specially equipped to handle its unique quality.
He also spoke about India’s energy sector in the context of the Union Budget 2026-27.
He described the budget as “very positive” and “forward-looking”, saying it will not only boost India’s growth momentum from its current $4.2 trillion economy but also support the energy transition — a key focus of his Ministry.
He pointed to provisions in the budget that benefit both upstream companies involved in extraction and downstream firms running integrated refineries with petrochemical capabilities.
On critical minerals, Union Minister Puri noted that responsibility for their development does not rest with his Ministry alone.
“Multiple Ministries, especially those connected to energy, are involved in efforts to boost exploration and discovery within India, and that state-owned Oil India Limited is actively participating in this sector,” he told LatestNewsX.
“Recent budget measures would give further impetus to exploration activities,” Union Minister Puri added.
He emphasised that modern refineries are no longer built solely for crude oil refining but are designed for integrated petrochemical production and other uses, and that the budget’s focus on these areas will help the industry adapt to the global shift toward cleaner energy.
The Union Minister’s comments come as US President Donald Trump recently claimed that India will be purchasing oil from Venezuela instead of Iran.
Trump said that “we’ve already made that deal” and that India would buy Venezuelan oil as opposed to Iranian crude, in remarks reported as part of Washington’s efforts to shift global energy partnerships.
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