India and Saudi Arabia inked the Strategic Partnership Council Agreement to elevate their ties to the next level, even as both sides signed 11 other deals, including in energy and security cooperation and defence production, after bilateral talks between visiting Indian Prime Minister Narendra Modi and Saudi Crown Prince Mohammed bin Salman here. "In a significant upgradation of the strategic partnership, PM@narendramodi and Saudi Crown Prince Mohammed bin Salman sign the Strategic Partnership Council Agreement," MEA spokesperson Raveesh Kumar tweeted.
Also, linking a video of the signing of the agreement between Modi and the Saudi Crown Prince. Earlier, the two leaders held bilateral talks. "Sustaining the momentum of regular high-level contacts PM@narendramodi held fruitful discussions with Crown Prince HRH Mohammed bin Salman, a close friend of India, on adding greater dynamism and depth to the bilateral strategic partnership," the spokesperson tweeted.
The other agreements between the two sides, inked by their respective officials, were on cooperation in the field of renewable energy, on security cooperation, on combating illicit trafficking and smuggling of narcotic drugs, psychotropic substances and chemical precursors and in the field of defence - on collaboration in military acquisition, industries, research, development and technology.
Another MoU was on collaboration in civil aviation, in medical products regulations, a Letter of Intent between Small and Medium Enterprises General Authority (Monshaat) of the Saudi Arabia and Atal Innovation Mission (AIM), NITI Aayog,A a cooperation Programme between the Foreign Service Institute, and Prince Saud Al Faisal Institute of Diplomatic Studies (IDS). Another agreement was between Indian Strategic Petroleum Reserves Limited (ISPRL) and Saudi Aramco.
Both sides inked an MoU for Cooperation between National Stock Exchange (NSE) and Saudi Stock Exchange (Tadawul), and another between National Payments Corporation of India (NPCI) and Saudi Payments. Prime Minister Narendra Modi said on Tuesday Saudi Arabia will invest in downstream oil and gas projects in India as part of a strategic partnership between the two countries, a move that would also help the world's top oil exporter find a stable outlet for its crude.
Modi, who is on a two-day visit to Riyadh to participate in an investor summit, will meet King Salman bin Abdulaziz Al Saud and Crown Prince Mohammed bin Salman later on Tuesday. "From a purely buyer-seller relationship, we are now moving toward a closer strategic partnership that will include Saudi investments in downstream oil and gas projects," Modi said in an interview to Arab News, according to a statement released by his office.
Saudi Aramco along with UAE's national oil company ADNOC has signed a preliminary deal with Indian state-run companies for a 50% stake in a planned 1.2 million barrels per day (bpd) mega refinery on the country's west coast.