India and Saudi Arabia signed a memorandum of understanding (MoU) on energy cooperation, encompassing renewable energy, energy efficiency, hydrogen, electricity, and grid interconnection. The agreement also extends to sectors like petroleum, natural gas, strategic petroleum reserves, and energy security.
The MoU was signed by India's Minister for Power and New and Renewable Energy, RK Singh, and the Minister of Energy for the Kingdom of Saudi Arabia, Abdulaziz bin Salman Al Saud.
The two nations also agreed to promote digital transformation, innovation in cybersecurity, and artificial intelligence in the energy sector. They plan to develop partnerships to localize materials, products, and services across all energy sectors, supply chains, and technologies.
The MoU outlines bilateral investments in renewable energy, electricity, hydrogen, storage, oil, and gas. It also emphasizes cooperation in establishing a circular carbon economy, including technologies for carbon capture, utilization, and storage to combat climate change.
This MoU will remain in effect for five years and will automatically renew for a similar period unless otherwise agreed. Both countries will bear the financial costs of implementing their respective areas of cooperation as per the MoU.
Implementation will involve exchanging information, expert visits, organizing conferences, seminars, research collaborations, and engagement with research centers, as stated in the Moneycontrol report.
India's Ministry of New and Renewable Energy stated that the MoU strengthens the partnership between India and Saudi Arabia in the energy sector, supporting India's energy transition efforts and global climate change mitigation.
Additionally, another MoU regarding transnational grid connectivity between India and Saudi Arabia is in progress, with the Indian Ministry of External Affairs Secretary (CPV & OIA), Ausaf Sayeed, mentioning that it's in advanced stages.
On September 11, Indian Prime Minister Narendra Modi and Saudi Arabia's Crown Prince Mohammed bin Salman met in New Delhi, chairing a meeting of the India-Saudi Arabia Strategic Partnership Council. They discussed various issues, including energy security, trade, investment, defense, healthcare, and food security.
The Saudi leader's visit to New Delhi began with the G20 Summit.
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