India and Saudi Arabia sign agreement to boost energy sector cooperation
The Government of India and the Kingdom of Saudi Arabia earlier this week signed an agreement to strengthen their partnership and cooperation in the field of energy.
In a Memorandum of Understanding (MoU) signed between India's Minister of New and Renewable Energy and Power, R K Singh and Minister of Energy for the Kingdom of Saudi Arabia, his Royal Highness Abdulaziz bin Salman Al-Saud, the two partners agreed to cooperate in the areas spanning renewable energy, energy efficiency, hydrogen, carbon capture and storage to oil & gas and strategic petroleum reserves and energy security.
"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," Government of India said in an official statement.
As per the MoU, India and Saudi Arabia will cooperate on the following areas:
- Renewable Energy, energy efficiency, hydrogen, electricity and grid interconnection between the two countries, petroleum, natural gas, strategic petroleum reserves and energy security
- Encouraging bilateral investment in the field of renewable energy, electricity, hydrogen and storage; and oil & gas
- Circular economy and its technologies to reduce the effects of climate change, such as: carbon capture, utilization and storage
- Promoting digital transformation, innovation and cyber-security and artificial intelligence in the field of energy
- Working on developing qualitative partnerships between the two countries to localize materials, products and services related to all sectors of energy, supply chains and its technologies
- Strengthening cooperation with companies specialized in the field of energy
- Any other fields related to the energy field that the two countries agree upon
