MoU signed for investment in Renewables, Electricity, Hydrogen and Storage; Oil & Gas
India and Saudi Arabia have signed a Memorandum of Understanding on cooperation in the field of energy including promotion of digital transformation, innovation and cyber-security as well as artificial intelligence in the sector.
The MoU will also cover 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.
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 the cooperation with companies specialized in the field of energy.
Any other fields related to the energy field that the two countries agree upon.
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.
The MoU was signed in New Delhi on 10 Sept 2023 by Minister for New & Renewable Energy and Power R. K. Singh and Minister of Energy for the Kingdom of Saudi Arabia Abdulaziz bin Salman Al-Saud. Fiinews.com
