Tremendous potential for Indian industry in Saudi Arabia's energy transition: Minister of Energy, Govt of Saudi Arabia

Mar 15, 2023

NEW DELHI, 15 March 2023: Mr Saad AbdulRazak Alkhuzayim, Director of Localisation and Supply Chain, Ministry of Energy, Saudi Arabia, today said that there is tremendous potential for collaboration with Indian Industry to build business in clean energy as energy transition is being planned in Saudi Arabia.

Addressing 'Indian Industry Interaction with Saudi Arabian Government Delegation' organized by FICCI, Mr Alkhuzayim emphasised upon localisation as an enabler for securing a complete and sustainable value chain across all resources and minerals. He also hoped to collaborate with the Indian industry in supporting Saudi Arabia's objectives of achieving 75 per cent localisation by 2030. There is a plan to build 70 renewable energy parks by 2030 which will be built on private sector-led investments, he highlighted.

Mr Shailesh Pathak, Secretary General, FICCI stated that a high-level FICCI delegation will be visiting Saudi Arabia in next few months. "We are committed to bringing businesses in Saudi Arabia and businesses in India closer," he added.

The Indian industry players from oil & gas, construction, infrastructure, manufacturing and energy including renewables were present during the interaction.

Major enabling opportunities in steel plates, forging and casting, carbon fibers, and steel billets in Saudi Arabia were showcased during the interaction. The Ministry of Industry highlighted about 800+ investment opportunities across 12 industrial sectors.

The Indian Industry participants showed keen interest in incentives for green hydrogen manufacturing, electrolysers, possibilities for industry imports from India, scope for ESG, and possibilities for carbon sequestration projects and manufacturing green steel in Saudi Arabia.