New Delhi, Apr 23 (PTI) India has agreed to work with Saudi Arabia to enhance the stability of global oil markets and to balance global energy market dynamics, according to a joint statement issued on Wednesday.

The statement came after conclusion of Prime Minister Narendra Modi's visit to Saudi Arabia which was cut short following the terror attack in Kashmir's Pahalgam, where terrorists killed 26 people, mostly tourists.

"The Indian side agreed to work with the kingdom to enhance the stability of global oil markets and to balance global energy market dynamics. They emphasised the need to ensure security of supply for all energy sources in global markets. They agreed on the importance of enhancing cooperation in several areas in the energy sector, including the supply of crude oil and its derivatives," the joint statement said.

The two sides emphasised the importance of cooperation in the field of green and clean hydrogen, including stimulating demand, developing hydrogen transport and storage technologies, exchanging expertise and experiences to implement best practices.

"The two sides also acknowledged the need to work on developing supply chains and projects linked to the energy sector, enabling cooperation between companies, enhancing cooperation in the field of energy efficiency and rationalizing energy consumption in the buildings, industry, and transportation sectors, and raising awareness of its importance," the statement said.

On climate change, both sides reaffirmed the importance of adhering to the principles of the United Nations Framework Convention on Climate Change and the Paris Agreement and the need to develop and implement climate agreements with a focus on emissions rather than sources.

"The Indian side commended the Kingdom's launch of the 'Saudi Green Initiative' and the 'Middle East Green Initiative' and expressed its support for the kingdom's efforts in the field of climate change. The two sides stressed the importance of joint cooperation to develop applications of the circular carbon economy by promoting policies that use the circular carbon economy as a tool to manage emissions and achieve climate change objectives," the joint statement said.

This was Modi's third visit to Saudi Arabia. It followed the visit of Crown Prince Mohammed bin Salman to India in September 2023 to participate in the G-20 Summit and co-chair the first meeting of the India-Saudi Arabia Strategic Partnership Council.

Both sides underscored the importance of co-operation in technology including in new and emerging domains such as artificial intelligence, cybersecurity, semi-conductors etc. Highlighting the importance of digital governance, both sides agreed to explore collaboration in this area.

"They also expressed satisfaction on signing of the MOU between Telecom Regulatory Authority of India and Communications, Space and Technology Commission of Saudi Arabia for cooperation in regulatory and digital sectors.

"Both sides also agreed to enhance cooperation in tourism including through capacity building and sustainable tourism. They also noted the expansion of various opportunities in media, entertainment, and sports, supported by the strong people-to-people ties between the two countries," the statement said.

The two sides affirmed their full support for the international and regional efforts aimed at reaching a comprehensive political solution to the crisis in Yemen.

"The Indian side appreciated Saudi's many initiatives aimed at encouraging dialogue between the Yemeni parties, and its role in providing and facilitating access of humanitarian aid to all regions of Yemen. The Saudi side also appreciated the Indian effort in providing humanitarian aid to Yemen.

"The two sides agreed on the importance of cooperation to promote ways to ensure the security and safety of waterways and freedom of navigation in line with the United Nations Convention on the Law of the Sea (UNCLOS)," it said. PTI GJS ZMN

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