Saudi, India aim to be ‘powerhouse of the world’ as energy ties strengthen over MoU
“We have a common goal and common objective of being a big producer of green electricity and green hydrogen,” Prince Abdulaziz further said.
The exclusive comment on ambitions for the energy sector came after Singh signed an MoU with the Saudi Minister of Energy Prince Abdulaziz bin Salman on electrical interconnections, hydrogen and clean energy supply chains between the two nations.
“We have compartmentalizes and together, both our countries, when we have the synergy, I think will be unbeatable,” said the Indian minister in the video interview.
Noting India’s clean energy production capacity and Saudi Arabia’s access to bountiful sunlight and financial prowess, Singh said the partnership would lower the cost of supplying energy by assigning capacity-building based on existing provisions.
An interconnection of the electricity grid will aid in sharing energy both ways during peak periods and in emergency situations. Also, by inter-linking energy networks, the requirement for both the countries to build storage and source energy will be lowered significantly – the benefits of which can be passed on to the consumer.
Regular business summits and business-to-business interactions between the two countries will be conducted to establish complete supply and value chains in their respective energy sectors.
The Saudi energy minister added that the two countries are exploring means to maximize the benefits of the agreement in producing and managing the supply chain of electricity and green hydrogen.
“We have a common goal and common objective of being a big producer of green electricity and green hydrogen,” Prince Abdulaziz further said.
“There is potential for mutual exploitation of the competitiveness of both countries. I honestly believe that by allying with each other, we will be able to give ourselves an even better chance to achieve our aspirations,” he added.
The energy sharing and supply chain agreement was signed in the weeks following a series of joint agreements signed between Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi