India and Saudi Arabia have signed a Memorandum of Understanding on cooperation in the field of energy. The MoU between the India and the Saudi Arabia was signed in New Delhi on 10th September, 2023.
Union Minister for New & Renewable Energy and Power RK Singh and Minister of Energy for the Kingdom of Saudi Arabia Abdulaaziz bin Salman Al-Saud inked the MOU.
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.
India and Saudi Arabia will cooperate in RE, energy efficiency, hydrogen, electricity and grid interconnection between the two countries, petroleum, natural gas, strategic petroleum reserves and energy security, the Ministry of New & Renewable.
Both sides will focus on the circular economy and its technologies to reduce the effects of climate change such as carbon capture, utilisation and storage.
The MoU will promote digital transformation, innovation and cyber-security and artificial intelligence in the field of energy and work 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.