Saudi Arabia’s Crown Prince Mohammed bin Salman’s (MBS) visit to India was postponed due to scheduling difficulties. MBS was set
Saudi Arabia’s Crown Prince Mohammed bin Salman’s (MBS) visit to India was postponed due to scheduling difficulties.
MBS was set to meet Prime Minister Narendra Modi in Delhi to discuss energy investments and oil trade between the two countries. In October, Saudi Energy Minister Abdulaziz bin Salman visited India following OPEC+’s decision to cut oil production in an effort to shore up energy ties and prepare for what should have been MBS’ visit today.
Saudi and India relations have been strong, largely centered around energy investment and oil trade. New Delhi imports 18 percent of its oil from Riyadh, its second biggest oil supplier, overtaking Russia in September. Saudi Arabia’s energy importance to India has only increased amid Russia’s invasion of Ukraine, rising 4.8% from August to September.
The meeting between MBS and Prime Minister Modi may set the stage for further energy cooperation beyond crude oil, particularly in the creation of a deep sea cable, creating a renewable energy grid between the two countries. The USD 15 billion cable will travel 1,200 km through Oman. Currently, Major Saudi investment groups like ARAMCO, and others have invested in Indian energy projects like the West Coast Refinery and Petrochemical Project in Maharashtra. Saudi company Al-Fanar also has a stake in 600MW wind power projects in India.