India and Saudi Arabia sign agreement on cooperation in Energy Sector
Sep 11, 2023
New Delhi [India], September 12 : India and Saudi Arabia on Monday signed a Memorandum of Understanding (MoU) on cooperation in the field of energy to develop a stronger partnership between India and Saudi Arabia in the field of energy.
The official press release from the Ministry of New and Renewable Energy, the MoU was signed by Union Minister for New & Renewable Energy and Power R. K. Singh who was representing the Indian side and Abdulaziz bin Salman Al-Saud present in the meeting for the Saudi side.
According to the release, the MoU between India and Saudi Arabia will cooperate in the Renewable Energy, Energy Efficiency, Hydrogen, Electricity and Grid Interconnection between the two countries, Petroleum, Natural Gas, Strategic Petroleum Reserves and Energy Security.
The agreement will also encourage bilateral investment in the field of Renewable Energy, Electricity, Hydrogen and Storage; and Oil and Gas and will promote digital transformation, innovation and cyber-security and artificial intelligence in the field of Energy.
Working on developing qualitative partnerships between the two countries to localize materials, products and services related to all sectors of energy, supply chains and its technologies is also a part of this MoU.
The release added that both countries will Circular Economy and its technologies to reduce the effects of climate change, such as carbon capture, utilization and storage.
As per the MoU, both countries will put efforts into strengthening the cooperation with companies specialized in the field of energy and other fields related to the energy field that the two countries agree upon.
The release stated that the MoU will develop a stronger partnership between India and Saudi Arabia in the field of energy. The MoU will support India’s efforts for energy transition and transformation of global energy system towards combating climate change.
