Saudi Arabia and India agree in MoU on cooperation in green energy،oil

Saudi Arabia and India have signed in New Delhi on 10th September، 2023، a Memorandum of Understanding (MoU) on cooperation in the fields of green energy، renewable energy، oil، energy efficiency، hydrogen، electricity and grid interconnection between the two countries، as well as petroleum، natural gas، strategic petroleum reserves and energy security، where the MoU was signed، by Shri R. K. Singh Indian Union Minister for New & Renewable Energy and Power، and His Royal Highness Abdulaziz bin Salman Al-Saud Minister of Energy for the Kingdom.

Saudi Arabia and India have affirmed their commitment to ensuring green energy، renewable energy and the security of energy supplies in global markets and they have also agreed on the importance of strengthening their cooperation to guarantee the security and integrity of maritime passages and the freedom of maritime navigation.

MoU between Saudi Arabia and India on green، renewable energy

The MoU between the Government of the Republic of India and the Government of the Kingdom of Saudi Arabia confirmed the bilateral relations that are marked by trust، mutual understanding، goodwill، cooperation and respect for each other’s interests concerning green energy، renewable energy and the security of energy supplies in global markets.

Saudi Arabia and India issued a joint statement marking the end of Crown Prince Mohammed bin Salman’s visit to the country on Monday and they stress the importance of cooperation between them in the fields of green energy، renewable energy and the security of energy supplies in global markets and they agree to enhance bilateral trade as they recalled the historic and friendly relations between their countries.

Saudi Arabia and India relations in different fields

Saudi Arabia and India expressed satisfaction that their relations had expanded and deepened in different fields including green energy، renewable energy and the security of energy supplies in global markets as well as politics، trade، investment، defence، security and culture، while encouraging bilateral investment in the field of green and renewable energy، electricity، hydrogen، and Oil & Gas.

The MoU will develop a stronger partnership between India and Saudi Arabia in the field of green energy، renewable energy and the security of energy supplies and will support India’s efforts for energy transition and transformation of global green energy system towards combating climate change.

More than 2.4 million Indians reside in Saudi Arabia

Prime Minister Narendra Modi & Prime Minister of India and Crown Prince of Saudi Arabia Mohammed bin Salman met at India-Saudi Strategic Partnership Council and he thanked the Kingdom for taking excellent care of more than 2.4 million Indians residing in Saudi Arabia and conveyed its appreciation for the full support extended by Saudi Arabia to Indian authorities during the evacuation of Indian nationals stranded in Sudan via Jeddah under Operation Kaveri.

Saudi Arabia and India highlighted the importance of green and traditional energy cooperation as an important pillar of the strategic partnership between them and they also stressed the importance of supporting the stability of the world’s oil markets by encouraging dialogue and cooperation between producing and consuming countries and ensuring the security of energy supply sources in world markets.

Saudi Arabia affirmed commitment to being a reliable partner and exporter of oil to India

Saudi Arabia affirmed the Kingdom’s commitment to being a reliable partner and exporter of crude oil supplies to India and both countries said they look forward to boosting joint cooperation in the fields of electricity، grid interconnection، and hydrogen and its derivatives، as well as they also agreed to develop joint projects to transform oil into petrochemicals in the two countries، and to provide the necessary support، requirements، and enablers to accelerate the West Coast refinery project.

Saudi Arabia and India revealed in a joint statement issued at the conclusion of the visit of Crown Prince and Prime Minister Mohammed bin Salman to India on Monday، their agreement to explore investment opportunities in the field of fertilizers and intermediate، transformative and specialized petrochemicals as well as the Kingdom’s commitment to be a reliable partner and exporter of crude oil supplies to the Republic of India.

India invited Crown Prince and Prime Minister Mohammed bin Salman to visit India

The Prime Minister of India Narendra Modi، within the framework of strengthening relations and the strategic partnership between the Kingdom of Saudi Arabia and the Republic of India، invited Crown Prince and Prime Minister Mohammed bin Salman to visit India on Monday، September 11، and the official reception ceremony for the Crown Prince took place at the Presidential Palace in New Delhi in the presence of President of India Droupadi Murmu.

The Saudi side extended its congratulations to India for its successful presidency of the G20 Summit، which was held on September 9-10 and commended the excellent organization and leadership that contributed to the conclusion of the summit with constructive decisions and recommendations، while the Indian side appreciated Saudi Arabia’s cooperation and close and effective engagement in the G20 meetings.

Saudi Arabia and India praised thier bilateral burgeoning trade ties

Saudi Arabia and India praised the bilateral burgeoning trade ties that have increased to more than $52 billion in 2022-23، marking a growth of more than % 23 per cent that India is the second largest trade partner of Saudi Arabia، while Saudi Arabia is the fourth largest trade partner of India and thus agreed to enhance bilateral cooperation in the area of trade remedies.

A joint statement issued during the state visit of Saudi Arabian Crown Prince and Prime Minister Mohammed bin Salman bin Abdulaziz Al Saud to India this week، said that while praising the growth achieved in trade between the two friendly countries، both sides stressed the importance of continuing joint work to enhance and diversify bilateral trade as well as supported the early India-GCC free trade agreement negotiation commencement while the Saudi side expressed gratitude for India’s support for invitation extended to Saudi Arabia to join BRICS.