Saudi Arabia and Argentina pen nuclear power pact
State-owned R&D firms sign joint venture to develop technology for KSA programme.
State-owned R&D companies from Argentina and Saudi Arabia have teamed up to develop nuclear technology for Saudi Arabia's nuclear power program.
Invania, a joint venture company between Taqnia of Saudi Arabia and Invap of Argentina, has been established under a nuclear cooperation agreement signed by the two countries in 2011.
It was announced this week by Argentina's federal planning ministry and Invap during a visit by the Saudi Arabian consultative assembly, the Shura Council.
The joint venture aims to leverage Argentina's nuclear experience and capabilities to help Saudi Arabia implement its own nuclear power program. Argentina generates around 10% of its electricity from its three pressurized heavy water reactors with plans for more.
Saudi Arabia previously plans to develop 17GW of nuclear power capacity by 2032 but recently pushed that deadline back to 2040.
The news follows a barely a week after KSA signed an MoU with Korea to develop nuclear projects in the Kingdom and builds on other cooperation agreements with China and France.