Prime Minister Narendra Modi and Saudi Arabia’s Crown Prince Mohammed bin Salman co-chaired the inaugural meeting of the India-Saudi Arabia Strategic Partnership Council (SPC). Established in 2019, the SPC has two main pillars: one focusing on political, security, social, and cultural cooperation, and the other on the economy and investments. The council operates through summit-level meetings, ministerial discussions, senior officials’ meetings, and joint working groups. During the recent meeting, both nations pledged to expedite the $50-billion West Coast refinery project, a collaboration between ARAMCO, ADNOC, and Indian companies, aiming to establish Asia’s largest refinery in Ratnagiri, Maharashtra. Areas of enhanced cooperation include energy, defense, semiconductor, and space.
Facts/Terms for UPSC Prelims
- Strategic Partnership Council (SPC): An entity established in 2019 to strengthen relations between India and Saudi Arabia, consisting of two key committees focusing on various aspects of cooperation.
- Committee on Political, Security, Social, and Cultural Cooperation: One of the two pillars of the SPC, responsible for promoting cooperation in political, security, social, and cultural areas.
- Committee on Economy and Investments: The second pillar of the SPC, dedicated to enhancing economic and investment ties between India and Saudi Arabia.
- West Coast Refinery Project: A $50-billion project aimed at constructing Asia’s largest refinery in Ratnagiri, Maharashtra, a collaboration involving ARAMCO, ADNOC, and Indian companies.
- ARAMCO: The Saudi Arabian Oil Company, one of the world’s largest petroleum and natural gas companies.
- ADNOC: The Abu Dhabi National Oil Company, the state-owned oil company of the United Arab Emirates (UAE).