India and Ecuador are discussing increasing sales of Ecuadorean crude oil, copper, and other critical minerals to India, Fernando Buchelli, the Ecuadorean ambassador to India, told Indian news outlet Mint in an interview published on Tuesday.
Ecuador plans to invite Indian companies to invest in its oil and minerals sector, while the South American country seeks to buy medical products from state-held healthcare product manufacturing group HLL Lifecare Limited, the official said.
India, the world’s third-largest crude oil importer and a major renewable energy developer despite coal’s dominance in its power supply, has been looking for years to tap oil and other energy resources from as far as South America, to ensure supply and reduce dependence on China’s critical minerals industry.
Early this year, India’s largest state-owned refiner, Indian Oil Corporation (IOC), bought its first-ever crude from Ecuador as it was looking to replace part of its Russian crude deliveries following the U.S. sanctions on Russia’s top producers Rosneft and Lukoil.
Since the Middle East crisis choked crude supply to India, refiners tapped additional volumes of crude oil from South America, including Brazil, Venezuela, and Ecuador, to offset the supply lost in the Persian Gulf.
Now Ecuador offers an opportunity to Indian companies to invest in the oil and critical minerals sector to further expand and secure crude and copper supply.
In South America, India has been working with Argentina to strengthen cooperation in lithium mining in the South American country. Last year, India and Argentina signed a memorandum of understanding (MoU) to strengthen ties in the critical minerals sector.
“This collaboration is expected to accelerate lithium exploration projects, enhance resource security, and create new opportunities for Indian companies in the Latin American mining landscape,” the Indian government said in 2025.
By Tsvetana Paraskova for Oilprice.com
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