India and Saudi Arabia’s agreement on cooperation in Energy Sector

To further their partnership in the energy sector, India and Saudi Arabia, on Monday signed a Memorandum of Understanding (MoU) on cooperation in the sector.

According to the official press release from the Ministry of New and Renewable Energy, Abdulaziz bin Salman Al-Saud, who was present at the meeting on behalf of the Saudi side, and Union Minister for New & Renewable Energy and Power R. K. Singh signed the agreement.

The agreement between India and Saudi Arabia, according to the press release, calls for cooperation in the areas of energy security, hydrocarbons, electricity, grid interconnection, renewable energy, and energy efficiency.

Additionally, the agreement would stimulate bilateral investment in the energy sector and in the areas of oil and gas, renewable energy, electricity, hydrogen and storage, digital transformation, innovation, cyber security, and artificial intelligence.

This MoU also includes work on creating high-quality collaborations between the two nations to localize resources, products, and services relevant to all sectors of energy, supply chains, and technology.

The press statement also stated that both nations will use the Circular Economy and related technologies, such as carbon capture, use, and storage, to lessen the effects of climate change.

According to the MoU, both nations will work to strengthen their relationships with businesses that have expertise in the energy sector and other areas.

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According to the press release, the MoU would strengthen India and Saudi Arabia’s relationship in the energy sector. The MoU will assist India in its efforts to transition to a more sustainable energy system and restructure the global energy system to address climate change.