By Sudhi Ranjan Sen and Sherif Tarek

       Saudi Arabia and India agreed to deepen energy ties and pursue closer cooperation in areas like tourism and technology as the countries seek to strengthen relations at a time of turbulence for the global economy.

       An accord was reached to establish two oil refineries in India through a joint venture between the countries, India’s Ambassador to Saudi Arabia Suhel Ajaz Khan said in a briefing, without giving more details.

       The developments come after Saudi Crown Prince Mohammed bin Salman and Indian Prime Minister Narendra Modi met in Jeddah on Tuesday night. India’s leader departed shortly after, rather than staying in the kingdom until Wednesday, following one of the worst attacks on civilians in India’s northern Jammu and Kashmir region in years.

       India and Saudi Arabia’s leaders met as both countries look to support their economies in the face of wide-ranging US tariff policies that threaten to stunt growth. India is already facing its slowest economic expansion in four years and Saudi Arabia is forecast to come under renewed pressure from subdued oil prices.

       Also Read

       PM Modi, Saudi Crown Prince hold talks, condemn terror attack in Pahalgam

       PM Modi cuts short Saudi visit after terror attack in Jammu and Kashmir

       PM Modi calls Saudi ties 'limitless', bats for trade and strategic growth

       PM Modi to discuss Hajj quota with Saudi Crown Prince, sign 6 pacts

       Big boost in mutual ties in recent years: Foreign Secy on PM's Saudi visit

       Deeper ties would stand to bolster stability and energy security for both and follow on years of flirtation between the G-20 nations on partnerships for everything from oil to agriculture and technology.

       Saudi Crown Prince MBS had in 2019 pledged $100 billion of investments in India, but only about $10 billion of that has materialised. State-owned oil behemoth Saudi Aramco has also long sought entry into India’s refining sector with little success.

       A plan to jointly build a mega complex in western India, for example, hasn’t come to fruition due to challenges over land and a proposal for a stake in Reliance Industries Ltd.’s mega refinery in Gujarat failed to fructify on valuation issues.

       It’s unclear if Aramco will be involved in the refineries mentioned by India’s envoy to Saudi Arabia on Tuesday.

       Saudi Arabia, the de-facto leader of the OPEC+ producer group, was once India’s largest oil supplier but has seen its share of the market decline as imports from Russia and Iraq increase.

       Ahead of his visit, Modi had said the two sides are exploring joint projects in refineries and petrochemicals, according to comments he made to Arab News.

       Connect with us on WhatsApp

       More From This Section

       Premium

       Serious lack of reciprocity in trade with India: USTR Jamieson Greer

       Premium

       Lucknow-Kanpur corridor key to Uttar Pradesh's $1 trillion economy target

       J D Vance nudges India to drop non-tariff barriers for US businesses

       Threefold rise in trade restrictions since 2019: FM Nirmala Sitharaman

       IMF cuts India's FY26 growth forecast to 6.2% amid trade tensions