Chicago – April 25, 2025
India and Saudi Arabia have agreed to deepen their energy partnership by reaching an accord to set up two oil refineries in India.
This move is part of a broader initiative to enhance cooperation across various sectors including tourism and technology, according to a report by Bloomberg.
The announcement follows a meeting between Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi in Jeddah.
The agreement to establish the refineries, disclosed by India’s Ambassador to Saudi Arabia, Suhel Ajaz Khan, comes at a critical time when both nations are navigating economic challenges exacerbated by US tariff policies.
Ahead of the meeting, Modi had highlighted potential joint ventures in refineries and petrochemicals.
With India experiencing its slowest growth in four years and Saudi Arabia facing potential pressure from low oil prices, this collaboration could provide mutual stability and energy security, the report said.
