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India and Saudi Arabia have signed a memorandum of understanding (MoU) for cooperation in the field of energy. The MoU was signed in New Delhi on Sunday.
India’s Minister for New & Renewable Energy and Power RK Singh and Saudi Arabia’s Minister of Energy Abdulaziz bin Salman bin Abdulaziz AI Saud inked the MoU.
Per the MoU, India and Saudi Arabia will cooperate in RE, energy efficiency, hydrogen, electricity and grid interconnection between the two countries, petroleum, natural gas, strategic petroleum reserves and energy security, the Ministry of New & Renewable Energy (MNRE) said.
Both nations will focus on the circular economy and its technologies to reduce the effects of climate change such as carbon capture, utilisation and storage.
The MoU will promote digital transformation, innovation and cyber-security and artificial intelligence in the field of energy and work on developing qualitative partnerships between the two countries to localise materials, products and services related to all sectors of energy, supply chains and its technologies, it added.
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The MoU will develop a stronger partnership between India and Saudi Arabia in the field of energy and will support India’s efforts for energy transition and transformation of the global energy system towards combating climate change.
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