India and Saudi Arabia have entered into a memorandum of understanding (MoU) to enhance collaboration in the energy sector.
The MoU encompasses several key areas of cooperation, including renewable energy, energy efficiency, hydrogen, electricity and grid interconnection, petroleum, natural gas, strategic petroleum reserves, energy security, bilateral investment in renewable energy, electricity, hydrogen, storage, and oil and gas. Additionally, it involves initiatives related to circular economy technologies for mitigating climate change effects, digital transformation, innovation, cybersecurity, and artificial intelligence within the energy sector. The agreement also emphasises the development of localised materials, products, and services across energy sectors and the strengthening of partnerships with specialised energy companies.