Saudi Arabia, India agree to boost cooperation in energy
Saudi Arabia and India have agreed to enhance cooperation in various sectors, including energy and petrochemicals.
This follows a meeting between His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Indian Prime Minister Narendra Modi, who paid a state visit to Saudi Arabia on Tuesday (April 22).
A high-level task force of both countries, established in 2024, has reached an understanding to cooperate in multiple areas that will promote investment flows, according to a statement reported by Saudi Press Agency (SPA).
The two leaders noted the agreement in the high-level task force to collaborate on establishing two refineries.
In the energy sector, the Indian side agreed to work with the kingdom to enhance global oil market stability and balance dynamics. They emphasised the need for security of supply for all energy sources in global markets.
The two sides also emphasised the importance of cooperation in green/clean hydrogen, including stimulating demand, developing hydrogen transport and storage technologies, and exchanging expertise and experiences to implement best practices.
They also acknowledged the need to develop supply chains and projects linked to the energy sector, enable cooperation between companies, and enhance cooperation in energy efficiency and rationalising energy consumption in buildings, industry, and transportation sectors.
In terms of climate change, both sides reaffirmed the importance of adhering to the principles of the United Nations Framework Convention on Climate Change and the Paris Agreement, and developing and implementing climate agreements with a focus on emissions rather than sources.
The Indian side commended the kingdom's launch of the "Saudi Green Initiative" and the "Middle East Green Initiative," and expressed support for the Kingdom's efforts in the field of climate change.
The two sides stressed the importance of cooperation in developing applications of the circular carbon economy by promoting policies that use the circular carbon economy as a tool to manage emissions and achieve climate change objectives.
Saudi Arabia appreciated India's contributions to global climate action through initiatives like the International Solar Alliance, One Sun-One World-One Grid, Coalition of Disaster Resilient Infrastructure (CDRI), Mission Lifestyle for Environment (LiFE), and Global Green Credit Initiative.
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