Saudi Arabia, India Sign MoU on Electrical Interconnection
On Sunday, Saudi Arabia and India signed a memorandum of understanding (MoU) on electrical interconnection, clean green hydrogen and supply chains.
Saudi Minister of Energy Abdulaziz bin Salman Al Saud and Indian Minister of Electricity and Renewable Energy Raj Kumar Singh signed the MoU on the sidelines of Middle East and North Africa Climate Week 2023 taking place in Riyadh, making it one of the positive outcomes of this week.
MoU Objectives
The MoU aims to set a framework of cooperation between the two countries in the fields of electrical interconnection, exchange of electricity during emergencies and peak times, joint development and production of clean green hydrogen projects and renewable energy in both countries.
It further aims to establish secure, reliable and safe supply chains of materials used in clean, green hydrogen and renewable energy sectors according to their potential and both countries’ laws.
The memorandum included achieving cooperation between India and the Kingdom to conduct necessary studies for electrical interconnection between both countries.
“It brings me great pleasure to inform you that the government of India has launched the National Green Hydrogen Mission for harnessing hydrogen energy and has approved an initial outlay of $2.3 billion for this Mission,” announced the Indian minister.
Furthermore, the two ministers decided that B2B business summits and regular B2B interactions shall be conducted to establish supply chains in fields of electrical interconnection, clean green hydrogen and supply chains.
India in MENA Climate Week
An Indian delegation headed by the Minister of Electricity and Renewable Energy took part in a high- level meeting during the climate week.
The Indian minister called on Middle Eastern countries and countries in North Africa to join the Global Biofuel Alliance (GBA) to enhance international cooperation.
“The alliance facilitates cooperation to increase biofuel development, spread and trade,” added the Indian minister, warning that the energy shift will come with its challenges and opportunities for developing countries.
“That is why we have to work together to support each other during this transition.”
