NEW DELHI: Ecuador is in talks to increase supplies of crude oil, copper and critical minerals to India and buy medical products from state-run HLL Lifecare Ltd, Fernando Buchelli, the South American country’s ambassador to India, said in an interview.
The plan involves inviting Indian companies to invest in these sectors in Ecuador, which has 8.273 billion barrels of crude oil reserves, the 18th-largest in the world. Ecuador is in talks to sign agreements with India’s ministry of mines, the health ministry and HLL Lifecare, said Buchelli.
India, the world’s third-largest energy buyer, has been scouting for energy supplies beyond West Asia in the wake of the war in the region and increasing imports from South American countries including Venezuela and Brazil. About 50% of India’s crude oil imports, 54% of LNG imports and 90% of LPG imports were sourced from West Asia and routed through the before the war.
“Ecuador is not only a country to make business, but also a real partner—precisely to provide more oil, precisely to provide more minerals, precisely to buy more products for India,” said Buchelli.
Indian Oil Corp, the country’s largest refiner, bought its first Ecuadorean crude cargo for end-March delivery, Reuters. India and Ecuador had a total trade of $574.16 million in FY26, down 14% from $668.53 million in FY25, according to the commerce ministry.
“Ecuador has been an oil producer since 1973. We are exporting and producing 100 million barrels per day,” Buchelli said. “We are also discovering new places to get the oil. But not only oil, we could also provide copper. As a big economy, India is developing high technology. Every time you will need more copper, more rare minerals. And we are able to produce.”
Strategic reserves
Mint earlier reported that India plans to set up a six-month of critical minerals, including lithium, cobalt, nickel, copper and rare earth elements as it looks to shield its fast-growing green energy and manufacturing sectors from supply disruptions and sharp price swings.
“A few months ago, we had a meeting with the ministry of mines… and we are starting to try to negotiate an MoU in order to have cooperation. So, our future cooperation and support is minerals. We have invited the Indian government to come and to see what we have. And we will have the political consultations in November,” said Buchelli.
According to Gopal Sarangi, associate professor at TERI School of Advanced Studies, India’s engagement with Ecuador for joint exploration of critical minerals such as copper and lithium in Ecuador is much needed for meeting India’s energy transition goals.
“Such renewed appetite to collaborate on clean energy and critical minerals indicates an accelerated approach towards enhanced South-South collaboration,” said Sarangi.
Ecuador is also in talks to sign a wide-ranging agreement with the health ministry to buy products from HLL Lifecare.
“We are also now working to sign an MoU with the company HLL and the counterpart in Ecuador,” said Buchelli.
Of India’s total pharmaceutical exports of $31.11 billion in FY26, Ecuador bought $46 million of products from India. HLL Lifecare is a manufacturer of condoms, sanitary napkins and products such as re-hydration salts, blood transfusion equipment and wound care products, blood banking equipment, neo-natal care equipment and surgical products.
Ecuador’s minister of foreign affairs and human mobility Gabriela Sommerfeld Rosero visited India in April to discuss increasing cooperation across trade, healthcare, agriculture and digital infrastructure. Rosero met health minister J.P. Nadda to discuss advancing bilateral health cooperation, focusing on affordable healthcare solutions and high-end medical systems.
Discussions also centred on the recognition of the Indian Pharmacopoeia by Ecuador to exchange information and promote regulatory cooperation. The Indian Pharmacopoeia contains standards for quality control of drugs manufactured, imported and sold in India. The standards facilitate the global expansion of Indian pharmaceutical companies.
Ecuador pharma market
Experts said Indian pharmaceutical companies would be interested in Ecuador. According to Deepak Bhojwani, former Indian ambassador to Colombia, Venezuela and Cuba, when India donated a million dollars’ worth of medicines to Ecuador in FY09, there was a problem in getting those medicines across because they had to be registered, and India had to get a waiver.
“So, registration in terms of the agreements and the authorities concerned is vital,” Bhojwani said. “So, I am sure this step will be very salutary, and Indian pharma companies will be eager to go to Ecuador.”
“We want real partners. And real partner means also to talk about transfer of technology, to talk about investment. When you talk about oil and minerals like copper, we are looking for a partner which also takes care of the environment. Ecuador is open to take India as a partner, also to discover, also to make exploration,” Buchelli added.
Ecuador’s foreign minister Roberto Kury and India’s external affairs minister S. Jaishankar met in New York recently during the 81st United Nations General Assembly where they discussed economic ties, , energy and development cooperation.