India and Saudi Arabia signed a Memorandum of Understanding (MoU) on cooperation in energy sector for a stronger partnership between India and Saudi Arabia.
As per 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 (India) and Abdulaziz bin Salman Al-Saud (Saudi Arabia). As per the deal, the MoU between India and Saudi Arabia will cooperate in renewable energy, energy efficiency, hydrogen, electricity and grid interconnection between the two countries, petroleum, natural gas, strategic petroleum reserves and energy security.
The deal would also focus on encouraging 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. Both countries will also focus on Circular Economy and its technologies to reduce the effects of climate change, such as carbon capture, utilization and storage.
The statement pointed out that the MoU will develop a stronger partnership between India and Saudi Arabia in the field of energy. It will further support India’s efforts for energy transition and transformation of global energy system towards combating climate change.