India and Saudi Arabia Strengthen Energy Cooperation and Commit to Green Hydrogen Initiatives
Key Ideas
  • India and Saudi Arabia commit to enhancing global oil market stability and balancing energy dynamics.
  • Collaboration in green and clean hydrogen initiatives is emphasized, including demand stimulation and technology development.
  • Both nations reaffirm commitment to climate agreements focusing on emissions reduction.
  • The visit marks Modi's third trip to Saudi Arabia, showcasing the strengthening of bilateral relations in the energy sector.
India and Saudi Arabia have pledged to work together to improve the stability of global oil markets and ensure a balance in energy market dynamics. This commitment was put forth in a joint statement following Prime Minister Narendra Modi's visit to Saudi Arabia, which was cut short due to a terrorist attack. The discussions highlighted the importance of securing the supply of all energy sources globally, with a specific focus on crude oil and its derivatives. Furthermore, both countries emphasized the need for collaboration in green and clean hydrogen initiatives, aiming to boost demand, advance hydrogen transport and storage technologies, and exchange expertise to implement best practices. In addition to energy cooperation, the parties acknowledged the necessity of developing supply chains and projects in the energy sector, promoting energy efficiency, and raising awareness about rational energy consumption. They also renewed their dedication to the principles of the United Nations Framework Convention on Climate Change and the Paris Agreement, highlighting the importance of focusing climate agreements on reducing emissions. This visit signifies Modi's third trip to Saudi Arabia, underscoring the strengthening of bilateral relations in the energy domain, especially through initiatives like the India-Saudi Arabia Strategic Partnership Council.
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