Saudi Arabia signs co-operation deal with South Korea for nuclear energy development

4 March 2015 (Last Updated March 4th, 2015 18:30)

Saudi Arabia has signed a memorandum of understanding (MoU) on nuclear energy co-operation with South Korea.

Saudi Arabia has signed a memorandum of understanding (MoU) on nuclear energy co-operation with South Korea.

The deal is based on a previous contract signed between the two countries in 2011, reports the Saudi Press Agency.

Under the MoU, power developers from South Korea will set up at least two small-to-medium sized nuclear reactors in Saudi Arabia, according to the South Korean presidential office.

The contract will be valued nearly $2bn if the countries proceed with the two nuclear energy projects.

"Under the MoU, power developers from South Korea will set up at least two small-to-medium sized nuclear reactors in Saudi Arabia."

Saudi Arabia presently does not meet its energy requirements from nuclear power. It intends to increase its nuclear capacity by 17GW within 2032. The country also aims to build nearly 41GW of solar project by that time, reports Reuters.

The country might take a longer time for the power developments than planned, up until 2040, according to the head of the King Abdullah City for Atomic and Renewable Energy (KA CARE).

KA CARE will be in charge of the projects. It said: "The two sides will discuss the current mutual activities and ways and means of future collaboration, building on the bilateral agreement already signed between the Kingdom of Saudi Arabia and the Republic of South Korea in 2011, with a view to develop and apply nuclear energy for peaceful uses."