Saudi Arabia, India mull refinery, petchem JVs: Modi

Indian Prime Minister Narendra Modi said that Saudi Arabia will remain a close partner with his country in ensuring energy security, adding that the two countries' cooperation in the field of energy is not limited to mere buyer-seller relations, as the two sides are also studying refinery and petrochemical joint ventures (JVs).

 

 

In an interview with Arab News, Modi further indicated that energy is a key pillar of the two countries' economic partnership, noting that Saudi Arabia is a strong and trusted partner in the field of energy, as it is a major supplier of crude oil and other petroleum products.

 

India has launched the India-Middle East-Europe Economic Corridor initiative and is currently working on feasibility studies to connect electricity grids among India, Saudi Arabia, and the wider region, as it moves forward to realize the vision of a comprehensive energy partnership between the two countries, according to the Indian PM.

 

He added that India backs strengthening the defense industry ties between the two countries’ private sectors, inviting Saudi investors in the defense industry to invest in India, which has been opened to private investment.

 

Modi also stated that trade between the two countries has grown despite global challenges, with energy, agriculture and fertilizers being key sectors. He pointed to the deeper integration between Saudi and Indian businesses, especially in emerging sectors such as green hydrogen and technology, noting that Indian companies have maintained a strong presence across various sectors in the Kingdom.