KSA and Korea sign nuclear power agreement
Pair to study feasibility of building two reactors at a cost of $2bn.
Saudi Arabia and South Korea have signed a memorandum of understanding (MOU) to cooperate on the development of nuclear energy in the Kingdom.
South Korean president Park Geun-hye met with Saudi Arabia's King Salman on Tuesday in Riyadh during an official visit, Saudi state news agency SPA said.
Under the deal, the two parties will conduct a three-year preliminary study on the feasibility of constructing the nuclear reactors in Saudi Arabia.
South Korean firms would then build two small-to-medium sized nuclear reactors at a cost of around $2bn, the South Korean presidential office said in a statement.
The agreement builds on a similar deal signed between the two countries in 2011 to “develop and apply nuclear energy for peaceful uses”.
Saudi Arabia had previously planned to add 17 gigawatts (GW) of nuclear power capacity and 41 GW of solar power by 2032 but earlier this year the King Abdullah City for Atomic and Renewable Energy (K.A.CARE) pushed back the deadline until 2040.
Korea Electric Power Corp (KEPCO) is currently building a four reactor nuclear power plant in Abu Dhabi in the United Arab Emirates (UAE). The first of four 1,400MW units is expected to come online in 2017 with all four to be operational by 2020.
The UAE will be the first Gulf State to acquire nuclear energy as it bids to meet fast rising demand for electricity.