Korea, Saudi Arabia to push for nuclear reactor cooperation

[Rakan.SA]

RIYADH ― Leaders of South Korea and Saudi Arabia agreed on Tuesday to seek opportunities to build more than two small- and medium-sized nuclear reactors in the Gulf nation to forge bilateral cooperation in atomic energy ― projects that may be worth as much as $2 billion.

During the summit talks, President Park Geun-hye and the newly crowned King Salman bin Abdulaziz Al Saud discussed ways to upgrade bilateral relations by strengthening cooperation in energy, creative economy, investment, medical services and information technology. Park arrived in Saudi Arabia on Tuesday, after wrapping up a three-day visit to Kuwait. Saudi Arabia is second destination of her four-nation Middle East trip, which will also include UAE and Qatar.


After the summit, the two leaders observed the signing of a memorandum of understanding aimed at developing South Korea’s SMART reactors and commercializing its technology in order to jointly enter the global market.

The SMART reactors, designed by the Korea Atomic Energy Research Institute, was developed to target the Middle Eastern countries as it generates electric power and also desalinates sea water.

Under the agreement, the two countries are set to conduct a three-year preliminary study by 2018 to review the feasibility of constructing SMART reactors in Saudi Arabia.

“The agreement is expected to open opportunities for South Korean firms to participate in Saudi Arabia’s nuclear reactor project,” said An Chong-bum, Park’s senior secretary for economic affairs.

With the agreement, the South Korean government expects to win $2 billion worth of nuclear reactor deals in Saudi Arabia and additional orders in the future. If realized, it will be the world’s first case of small- and medium-sized reactors being exported to a foreign country, officials said. The world’s largest producer and exporter of oil plans to build more than 12 18-gigawatt nuclear power plants by 2040 to prepare for growing domestic demand for electricity and to secure new energy sources.

Taking advantage of Park’s visit to Saudi Arabia, the two sides agreed to introduce South Korea’s vision of a creative economy aimed at nurturing creative ideas and assimilating them with ICT, science and technology and other industries. On the business level, representatives agreed to establish a medical center specializing in women’s cancer and a pharmaceutical industry complex.

The leaders also exchanged their views on security issues and agreed to cooperate on bringing peace to the Korean Peninsula and the Middle East. Saudi Arabia is a South Korean ally that has no diplomatic ties with North Korea.

Later in the afternoon, the South Korean president met Crown Prince Muqrin bin Abdulaziz al-Saud and Prince Mohammed bin Nayef, second in line to the throne of Saudi Arabia, to discuss ways to strengthen bilateral ties.

On her second day in Saudi Arabia, Park plans to meet Alwaleed Bin Talal Bin Abdulaziz Al Saud, chairman of Kingdom Holding Co. of Saudi Arabia and popularly known as the Warren Buffett of the Middle East.

Korea, Saudi Arabia to push for nuclear reactor cooperation

 

[Rakan.SA]

its says saudi will collaborate with france! i dont get it!
any of you guys know something about this ? was it france and now its south korea ?
@Mosamania @l_5LT3BRE_l @Banu Hashim @Altamimi
Saudi Nuclear New Build Summit


Conference Overview

Saudi Arabia has plans to create a domestic Nuclear Industry in anticipation of high growth in domestic energy consumption. The development of Nuclear Energy is essential to meet the Kingdom's growing requirements for energy to generate electricity, produce desalinated water and reduce reliance on depleting hydrocarbon resources. The Nation plans to expedite the process of building two nuclear reactors by 2020, and have sixteen built by 2030.The Governments’ intent is to supplement domestic production, to free up further oil for export and create a sustainable atmosphere for the current fossil fuel resources. Currently, Saudi Arabia produces 52 GW from 79 power plants. Saudi Arabia intends to achieve maximum available production to 110 GW by 2032.

The Saudi Nuclear Energy Program is the second most advanced program in the region next to United Arab Emirates. Saudi Arabia is working towards building a number of nuclear reactors in the near future and has decided to collaborate with France to develop those for peaceful application of Nuclear Energy.

Saudi Nuclear New Build Summit will focus on advancing an effective and safe Nuclear Energy Development Program for the Kingdom of Saudi Arabia, encouraging dialogue between potential asset owners, policy makers and solution providers. The summit will intend to achieve consensus on technologies, investments and policies which will drive the Saudi Arabian Energy program for the next two decades.
Market Analysis
In Saudi Arabia, power demand is estimated to grow eight to nine percent during the next 10 years. It is the largest economy of the GCC, with an annual GDP of $622 billion and a GDP per capita of $24,200. With the available cash reserves the country is secure and well positioned to undertake any Developmental Project to improve their energy portfolio.

The Kingdom of Saudi Arabia under the benefaction of King Abdullah City for Atomic and Renewable Energy (KA-CARE) plans to call for nuclear reactor bids from next year.

Proposed investments per Nuclear Reactor will be $ 7 Billion each and collectively the Government has ear marked $100 Billion dollars to build 16 Nuclear Reactors over the next decade. It projects 17 GWe of nuclear capacity by 2032 to provide 15% of the power then.


Benefits of Attending :

• Discussing the options Kingdom of Saudi Arabia has for developing a strong Nuclear Energy Program
• Learn how to manage and handle safety of nuclear installations and manage waste effectively
• Get acquainted with advanced Nuclear Reactor Technology which can be used in the region

Who will Attend:

• CEOs and executives from utility and reactor vendors
• Fuel suppliers
• Uranium producers, converters, enrichers and fuel fabricators
• Nuclear fuel brokers, traders and consultants
• Transporters of nuclear materials
• Managers from engineering and construction companies
• Nuclear energy equipment and services suppliers
• Energy economists and analysts for financial and investment institutions
• Government policymakers and regulators
• Waste management and used fuel managers
  
  Saudi Nuclear New Build Summit
  

 

[Banu Hashim]

@Rakan.SA

Nuclear Power in Saudi Arabia

Nuclear energy in Saudi Arabia - Wikipedia, the free encyclopedia

Nuclear program of Saudi Arabia - Wikipedia, the free encyclopedia

Saudi Arabia Fast-Tracks Nuclear Power - Forbes

I welcome this news.

South Korea is a reliable partner and the trade between those two countries numbered $45.3 billion. $35.5 billion of that were Saudi Arabian exports.

Riyadh, Seoul eye trade expansion

​

LOOK EAST POLICY: Custodian of the Two Holy Mosques King Salman receives South Korean President Park Geun-hye at the airport in Riyadh on Tuesday. (SPA)

RIYADH: GHAZANFAR ALI KHAN

Published — Thursday 5 March 2015

Last update 6 March 2015 5:21 am

South Korean President Park Geun-hye has called on Saudi and Korean business people to diversify commercial cooperation with an emphasis on nuclear energy, renewable energy, education and health care.
Park said she hoped the two countries would drive the development of the energy industry over the next 20 years. She was speaking at a crowded Saudi-Korean Business Forum here.
The high-profile gathering was attended by several top Saudi and Korean officials, and 300 business leaders from both countries. These included Tawfiq Al-Rabiah, minister of commerce and industry; and Ibrahim Al-Assaf, minister of finance.
Abdullatif A. Al-Othman, governor of the Saudi Arabian General Investment Authority (SAGIA); Korean Ambassador Kim Jin-soo; Abdulrahman Al-Zamil, chairman of the Council of Saudi Chambers; and Park Youngmaan, chairman of the Korean Chamber of Commerce and Industry, were also present.
Park also held separate talks with Prince Alwaleed bin Talal, chairman of Kingdom Holding Company.
She met members of the Korean community and answered their questions in a separate session at a local hotel. Later on Wednesday afternoon, the South Korean president met with Hashim Abdullah Yamani, chief of the King Abdullah City for Atomic and Renewable Energy, who has been leading Saudi Arabia’s plans to construct nuclear power plants.
The Korean ambassador told Arab News that “a total of 12 agreements — both public and private sector — have been signed so far.” This includes a joint study on water desalination, and further agreements in the construction and automobile industries.
Saudi Arabia’s Public Investment Fund and POSCO Engineering and Construction, an affiliate of the South Korean steel giant, signed an MoU to help the Kingdom develop its own car industry. The deal could be worth around SR4.8 billion. There is speculation that the steelmaker is seeking to sell a 40 percent stake in its construction arm to improve its financial health.
Speaking during the business forum, Al-Rabiah said the trade volume between the two nations exceeded SR170 billion last year with Saudi exports to that country totaling about SR133 billion. “Korean investments in the Kingdom total SR3.4 billion, mostly in industrial and service sector projects,” said SAGIA chief Al-Othman.
Saudi Arabia is South Korea’s fourth-largest trading partner. The two countries have forged closer ties in many sectors. Park visited Masmak Fort before wrapping up her two-day visit to Riyadh. She left for Abu Dhabi on Wednesday evening.

Riyadh, Seoul eye trade expansion | Arab News

Some countries in the ME do business with South Korea while others consider North Korea an ally. Yet KSA are the evil ones. It's a funny world.

Rakan KSA cooperates with a few countries when it comes to nuclear energy.

I honestly think that the government should become even closer with China in terms of nuclear cooperation and military cooperation, don't you think?

 

[Rakan.SA]

@Rakan.SA

Nuclear Power in Saudi Arabia

Nuclear energy in Saudi Arabia - Wikipedia, the free encyclopedia

Nuclear program of Saudi Arabia - Wikipedia, the free encyclopedia

Saudi Arabia Fast-Tracks Nuclear Power - Forbes

I welcome this news.

South Korea is a reliable partner and the trade between those two countries numbered $45.3 billion. $35.5 billion of that were Saudi Arabian exports.

Riyadh, Seoul eye trade expansion

​

LOOK EAST POLICY: Custodian of the Two Holy Mosques King Salman receives South Korean President Park Geun-hye at the airport in Riyadh on Tuesday. (SPA)

RIYADH: GHAZANFAR ALI KHAN

Published — Thursday 5 March 2015

Last update 6 March 2015 5:21 am

South Korean President Park Geun-hye has called on Saudi and Korean business people to diversify commercial cooperation with an emphasis on nuclear energy, renewable energy, education and health care.
Park said she hoped the two countries would drive the development of the energy industry over the next 20 years. She was speaking at a crowded Saudi-Korean Business Forum here.
The high-profile gathering was attended by several top Saudi and Korean officials, and 300 business leaders from both countries. These included Tawfiq Al-Rabiah, minister of commerce and industry; and Ibrahim Al-Assaf, minister of finance.
Abdullatif A. Al-Othman, governor of the Saudi Arabian General Investment Authority (SAGIA); Korean Ambassador Kim Jin-soo; Abdulrahman Al-Zamil, chairman of the Council of Saudi Chambers; and Park Youngmaan, chairman of the Korean Chamber of Commerce and Industry, were also present.
Park also held separate talks with Prince Alwaleed bin Talal, chairman of Kingdom Holding Company.
She met members of the Korean community and answered their questions in a separate session at a local hotel. Later on Wednesday afternoon, the South Korean president met with Hashim Abdullah Yamani, chief of the King Abdullah City for Atomic and Renewable Energy, who has been leading Saudi Arabia’s plans to construct nuclear power plants.
The Korean ambassador told Arab News that “a total of 12 agreements — both public and private sector — have been signed so far.” This includes a joint study on water desalination, and further agreements in the construction and automobile industries.
Saudi Arabia’s Public Investment Fund and POSCO Engineering and Construction, an affiliate of the South Korean steel giant, signed an MoU to help the Kingdom develop its own car industry. The deal could be worth around SR4.8 billion. There is speculation that the steelmaker is seeking to sell a 40 percent stake in its construction arm to improve its financial health.
Speaking during the business forum, Al-Rabiah said the trade volume between the two nations exceeded SR170 billion last year with Saudi exports to that country totaling about SR133 billion. “Korean investments in the Kingdom total SR3.4 billion, mostly in industrial and service sector projects,” said SAGIA chief Al-Othman.
Saudi Arabia is South Korea’s fourth-largest trading partner. The two countries have forged closer ties in many sectors. Park visited Masmak Fort before wrapping up her two-day visit to Riyadh. She left for Abu Dhabi on Wednesday evening.

Riyadh, Seoul eye trade expansion | Arab News

Some countries in the ME do business with South Korea while others consider North Korea an ally. Yet KSA are the evil ones. It's a funny world.

Rakan KSA cooperates with a few countries when it comes to nuclear energy.

I honestly think that the government should become even closer with China in terms of nuclear cooperation and military cooperation, don't you think?

i read from some comments on the internet the korea built saudi arabias infrastructure many years ago. didnt check if its true or not yet.
as for china we shouldnt get too close. only in some areas that we need their support and experience like missile program that already exist. there is still room for a bit more. we should stay at the middle right now between east and west. cuz the tensions are getting higher between them and we dont wanna take part in it on our own expense.
but again all options should be on the table. if saudi can work with china and pakistan on existing missiles programs they are working on that would be excellent and more than enough for now.
we should open a thread about pakistani and chinese missiles. and tag the experts.