New Delhi: India and Saudi Arabia have signed a Memorandum of Understanding (MoU) under which they plan to cooperate in the field of both conventional and unconventional energy. According to the pact, India and Saudi will co-operate in the areas of Renewable Energy (RE), energy efficiency, Hydrogen, electricity and grid interconnection between the two countries, oil and gas, strategic petroleum reserves, Carbon Capture, Utilisation & Storage (CCUS) and energy security. The two nations will also explore opportunities for bilateral investments in these areas.
“The MoU between the Government of the Republic of India and the Government of the Kingdom of Saudi Arabia was signed in New Delhi on 10th September, 2023, by Union Minister for New & Renewable Energy and Power, Government of India, Shri R. K. Singh for the Indian side and Minister of Energy for the Kingdom of Saudi Arabia, His Royal Highness Abdulaziz bin Salman bin Abdulaziz AI Saud for the Saudi side,” said an official statement released by Ministry of New and Renewable Energy on Monday.
Under the ambit of the MoU, the two countries will encourage bilateral investment in the fields of Renewable Energy, electricity, hydrogen and storage and oil and gas. They will collaborate on Circular Economy and its technologies to reduce the effects of climate change, like CCUS, and promote digital transformation, innovation and cyber-security and artificial intelligence in the field of energy, said the statement.
The MoU also involves working on developing qualitative partnerships between the two countries to localise materials, products and services related to all sectors of energy, supply chains and its technologies, strengthening the cooperation with companies specialised in the field of energy and any other fields related to the energy field that the two countries agree upon.
“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,” said the statement.