India and Saudi Arabia have agreed to jointly establish two new oil refineries in India. The announcement came during Prime Minister Narendra Modi’s recent visit to Saudi Arabia. This move supports India’s broader goal of strengthening energy security amid increasing demand for petroleum and petrochemical products. State-run Bharat Petroleum Corporation Ltd (BPCL) is also planning a greenfield refinery in Andhra Pradesh.
Investment Commitments and Economic Cooperation
The High-Level Task Force on Investment (HLTF) met during the visit and agreed to deepen investment flows between the two countries. Saudi Arabia reaffirmed its commitment to invest $100 billion in India across multiple sectors, including:
- Energy and petrochemicals
- Infrastructure and technology
- Fintech and digital infrastructure
- Telecommunications, pharmaceuticals, manufacturing, and health
Strategic Partnership Council Meeting
On April 22, 2025, Prime Minister Modi and Crown Prince Mohammed bin Salman co-chaired a meeting of the India-Saudi Arabia Strategic Partnership Council (SPC) in Jeddah. The council reviewed progress across various areas such as:
- Political and security cooperation
- Trade and investment
- Energy and technology
- Agriculture and cultural exchange
New Defence and Tourism Committees
To enhance defence collaboration, a new Ministerial Committee on Defence Cooperation was established under the SPC. This move aims to boost joint exercises, training, and industry partnerships. Additionally, a Ministerial Committee on Tourism and Cultural Cooperation was announced to expand people-to-people and cultural ties.
With these additions, the SPC now operates through four key committees:
- Political, Consular and Security Cooperation
- Defence Cooperation
- Economy, Energy, Investment and Technology
- Tourism and Cultural Cooperation
MoUs Signed During the Visit
Several memoranda of understanding (MoUs) were signed during the visit, including:
- Cooperation in peaceful space activities between the Saudi Space Agency and India’s Department of Space
- Collaboration in health and anti-doping education and prevention
- Agreement between Saudi Post and India Post on surface parcel delivery
