India, Saudi Arabia eye joint oil refining and petrochemical projects

Indian Prime Minister Narendra Modi has announced that India and Saudi Arabia are exploring joint initiatives in oil refining and petrochemicals, emphasising the deepening of strategic energy cooperation between the two countries.

In an interview with Arab media ahead of his two-day state visit to the Kingdom, which begins on April 22, Modi shared insights into the future trajectory of bilateral ties.

The visit comes at the invitation of Crown Prince and Prime Minister Mohammed bin Salman, and will include Modi’s participation in a session of the Strategic Partnership Council between the two nations.

“Saudi Arabia will remain our close partner in ensuring energy security,” Modi stated. “As strategic partners, we agree that our energy cooperation does not remain confined to the buyer-seller relationship. We are also exploring joint projects in oil refining and petrochemicals.”

The Indian Prime Minister stressed the central role of energy in the two countries’ economic engagement, describing Saudi Arabia as “a strong and reliable energy partner.”

“Saudi Arabia is one of our largest suppliers of crude oil and petroleum products,” he noted. “As India strives to become a developed country, our energy needs will continue to grow. And Saudi Arabia will remain a close partner in ensuring energy security.”

Modi also underscored India’s ambitious green energy agenda, including its goal of generating 500 gigawatts from renewable sources by 2030.

“Even on this front, our cooperation with Saudi Arabia holds immense potential,” he said. “This includes areas such as supply chains, the circular economy, energy efficiency, and green hydrogen.”

Highlighting the broader scope for innovation, Modi added: “As partners in the International Solar Alliance, both countries can work together on innovative solutions to meet future energy demands.”

By Tamilla Hasanova