Energy Security Boost: India-Saudi Refinery Deal

India and Saudi Arabia have agreed to jointly establish two oil refineries in India, a strategic move aimed at enhancing India’s energy security amid growing demand for petroleum and petrochemical products. The agreement was finalized during Prime Minister Narendra Modi’s recent visit to Saudi Arabia, where he held high-level talks with Crown Prince Mohammed bin Salman.

This initiative is part of a broader investment strategy under which Saudi Arabia has pledged to invest USD 100 billion across various sectors, including energy, petrochemicals, infrastructure, fintech, telecommunications, pharmaceuticals, and manufacturing. The collaboration is expected to play a pivotal role in ensuring reliable and sustained energy access for India as consumption continues to rise.

The decision was reviewed during the meeting of the India-Saudi Arabia Strategic Partnership Council (SPC), held in Jeddah on April 22, 2025. The SPC, which oversees bilateral cooperation, is structured into four core committees: Political, Consular and Security Cooperation; Defence Cooperation; Economy, Energy, Investment and Technology; and Tourism and Cultural Cooperation.

In addition to the energy agreements, three Memorandums of Understanding (MoUs) were signed: one between the Saudi Space Agency and India’s Department of Space to promote peaceful space collaboration; another in the health sector to enhance cooperation; and a third focused on anti-doping education and prevention.

News by Rahul Yelligetti.