India, Saudi Arabia ink deal for energy cooperation
The cooperation will cover grid integration, hydrogen, and digitalisation, amongst others.
The governments of India and Saudi Arabia signed a memorandum of understanding (MOU) to strengthen ties and cooperation in various areas in the energy sector.
In a statement, the Ministry of New and Renewable Energy said the agreement will cover collaboration in the areas of renewable energy, energy efficiency, hydrogen, electricity and grid interconnection between the two countries.
They also plan to work together in the areas of petroleum, natural gas, strategic petroleum reserves and energy security.
The MOU also provided encouraging bilateral investment in renewable energy, electricity, hydrogen and storage and oil & gas.
India and Saudi Arabia will also work on the circular economy and its technologies to reduce climate change effects and promote digital transformation, innovation, cyber security and artificial intelligence in the energy sector.
The countries will also work on localising materials, products and services related to the energy sector, and cooperate with companies specialising in the sector, and other energy-related fields they agreed upon.