Memorandum of understanding on nuclear energy between Saudi Arabia and South KoreaWed Mar 4, 2015 9:38 am GMT
|Saudi Arabia's King Salman during a |
meeting in Riyadh, 24 January 2015,
(Reuters photograph of a representative)
Al Khobar (Saudi Arabia) (Reuters) - Saudi Press Agency said that the Kingdom has signed a memorandum of understanding with South Korea on cooperation in the development of nuclear energy after a previous agreement signed by both parties in 2011.
The official said that the agency head of South Korea's Pak John Hay met with Saudi King Salman in Riyadh on Tuesday as part of an official visit.
South Korea's presidential office said in a statement that the MOU includes an invitation Korean companies to participate in the construction of at least two nuclear reactors from small or medium-sized in Saudi Arabia.
The statement said "in the case to proceed in the two units would amount to the cost of the contract (approximately) two billion dollars."
And Saudi Arabia aspires to possess nuclear energy of 17 gigawatts by 2032 and about 41 gigawatts of solar energy. The country does not produce oil exporting any nuclear power now.
The head of the King Abdullah City for Atomic and Renewable Energy, overseeing such projects, said in January that those plans are likely to take until 2040.
The Atomic Energy City said in a statement on Tuesday: "This note comes Based on what has been signed by the international joint agreement between Saudi Arabia and the State of South Korea, which emphasizes the common desire of both countries to expand and strengthen cooperation in the development and application of nuclear energy for peaceful purposes."
The agreement includes cooperation in research and development, construction and training.
Separately, Saudi Electricity Company signed four agreements in the field of energy on Tuesday with General Electric America Foundation and Korea Electric Power and with Doosan Heavy Industries & Construction Bank of exports and imports.
It includes the Korean Energy Foundation cooperation agreement in the nuclear and renewable energy development.
Hassan Ghazi Ibrahim Shaker Company signed a non-binding memorandum of understanding with LG Electronics of South Korea on cooperation in the cooling systems used in nuclear reactors.
The United Arab Emirates became the first Arab Gulf country begins to build a nuclear power station. In December 2009 the UAE has established a contract to build four reactors capacity of 1400 MW, led by Korea Electric Power Corporation group so as to meet the growing demand for electricity.
(Preparation Ahmed Inspirational Arab Bulletin - Edit Nadia Juweili)
~~~~This interesting snip was at the site linking the one above. I don't find any supporting data, but it seems the long-term vision is to get power from both nuclear and solar sources.
If and when KSA runs low on oil, they have even more energy potential from sunlight.