New Delhi, April 23 -- India and Saudi Arabia have agreed to collaborate on establishing two oil refineries in India. The decision was taken during prime minister Narendra Modi's recent visit to Saudi Arabia.

During the visit, the joint High Level Task Force on investment (HLTF) also came to an understanding in multiple areas to rapidly promote investment flows, building on the commitment of Saudi Arabia to invest $100 billion in India in sectors including energy, petrochemicals, infrastructure, technology, fintech, digital infrastructure, telecommunications, pharmaceuticals, manufacturing and health.

The plan to set up two refineries comes at a time when India is looking at ensuring energy security amid growing demand for petroleum and...