India and Saudi Arabia Ink Agreement for Energy Sector Collaboration

• 13 Sep 2023

On 10^th September, 2023, India and Saudi Arabia officially signed a Memorandum of Understanding (MoU) to strengthen cooperation in the energy sector.

Key Points

• Scope of Collaboration: The MoU outlines several areas of cooperation between India and Saudi Arabia in the energy sector, encompassing:
  • ­Renewable Energy
  • ­Energy Efficiency
  • ­Hydrogen
  • ­Electricity and Grid Interconnection
  • ­Petroleum
  • ­Natural Gas
  • ­Strategic Petroleum Reserves
  • ­Energy Security
• Bilateral Investment Promotion: The agreement encourages bilateral investment in Renewable Energy, Electricity, Hydrogen, Storage, Oil & Gas, and other related areas.
• Circular Economy and Climate Mitigation: Both nations commit to exploring circular economy principles and technologies to mitigate the effects of climate change. This includes initiatives like carbon capture, utilization, and storage.
• Digital Transformation: The MoU promotes the adoption of digital transformation, innovation, cyber-security, and artificial intelligence in the energy sector.
• Localization Efforts: The parties will work on establishing qualitative partnerships to localize materials, products, and services across various energy sectors, including supply chains and associated technologies.
• Flexible Collaboration: The MoU maintains flexibility for potential collaboration in any other energy-related fields that both countries may agree upon.
• Promoting Energy Transition: This agreement is poised to enhance the partnership between India and Saudi Arabia in the energy sector, supporting India's endeavors for an energy transition and contributing to the transformation of the global energy system to combat climate change.