South Korea and Saudi Arabia signed a MOU – memorandum of understanding – to cooperate on developing nuclear energy, said SPA the state news agency in Saudi Arabia, which built on a deal that was signed originally in 2011.
Park Geun-hye the President of South Korea met with King Salman of Saudi Arabia Tuesday during the South Korea President’s official visit in Riyadh.
The MOU says companies in South Korea will help to build a minimum of two nuclear reactors that are small to medium in size in Saudi Arabia. The presidential office of South Korea confirmed through a statement.
The statement said that the cost of the two units if they go forward would be close to $2 billion.
Saudi is aiming to build nuclear power in the range of 17 gigawatts by 2032 along with 41 gigawatts of solar capacity. The kingdom at this point currently does not have any nuclear power.
Those plans likely will take until at least 2040 said the Atomic and Renewable Energy head in Saudi Arabia back in January.
The agreement with South Korea calls for research and development cooperation as well as in training and construction.
Saudi Electricity, regarding a separate issue, signed four agreement that were energy related on Tuesday with General Electric the U.S. conglomerate as well as with Doosan Heavy Industries and Construction, Korea Electric Power, and Eximbank.
The agreement with Korea Electric Power includes development of renewable and nuclear energy. Al Hassan Ghazi Shaker Go, signed an MOU that is non-binding with LG Electronic based on South Korea on the cooperation in the cooling systems made for nuclear reactors.
The United Arab Emirates became the first Gulf Arab nation to start the construction of a nuclear power facility. In December of 2009, UAE awarded a consortium led by the Korea Electric Power a contract that includes building four nuclear reactors to meet the Emirates surging electricity demand.