India and Saudi Arabia Ink MoU on Energy Sector Cooperation
As per the MoU, India and Saudi Arabia will cooperate in renewable energy, energy efficiency, hydrogen, electricity and grid interconnection between the two nations, petroleum, natural gas, strategic petroleum reserves and energy security.
September 12, 2023. By EI News Network
As per the MoU, India and Saudi Arabia will cooperate in renewable energy, energy efficiency, hydrogen, electricity and grid interconnection between the two nations, petroleum, natural gas, strategic petroleum reserves and energy security.
Along with, boosting bilateral investment in RE, Electricity, Hydrogen and Storage, and Oil & Gas.
The ministry stated, “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 the global energy system towards combating climate change”.
The MoU emphasizes the circular economy and its technologies to minimise the effects of climate change, including carbon capture, utilisation and storage (CCUS).
India and Saudi Arabia will work on forging alliances between the two nations for indigenous materials, products and services pertinent to all energy fields, supply chains and technologies apart from fostering cooperation with firms majorly in the energy sector.
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