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India, Saudi Arabia Explore Joint Initiative in Oil Refining and Petchem Projects

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

“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.”

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