Korea Electric Power Corporation (KEPCO) announced that on September 2 it hosted a round table meeting to discuss the localization of Saudi's nuclear equipment and materials, together with the Korean Nuclear Association for International Cooperation (KNA). Suppliers of nuclear equipment and materials from Saudi Arabia, including King Abdullah City for Atomic and Renewable Energy (K.A.CARE), were invited in the meeting, held in the Ritz-Carlton Hotel Riyadh in Saudi Arabia.
In the conference sponsored by the Ministry of Trade, Industry and Energy, K.A.CARE introduced Saudi's road map for the development of nuclear energy, such as plans for the construction of nuclear power plants. KEPCO presented various ways to localize the supply of nuclear equipment and materials by drawing on its expertise and capabilities.
The Saudi government is moving forward with a plan to improve its energy structure. Currently, the country is totally dependent on fossil fuels such as crude oil and gas. Hence, it is planning to replace conventional energy sources with nuclear energy in order to cover 20% of its total electricity needs by 2030.
According to the Saudi Arabia’s energy road map, it will start running the first two reactors within 10 years, adding two reactors annually until it reaches 16 units with a combined capacity of 22 GW by 2030. To achieve its goal, the Arab nation is expected to initiate the bidding process by way of International Competitive Bidding (ICB) in the first half of 2014.
KEPCO's CEO Cho Hwan-ik said, "This meeting contributed to building substantial bilateral cooperation regarding nuclear energy," adding, "It will serve as an opportunity for developing Saudi nuclear energy programs by forging long-term partnerships based on the mutual experience of past projects for petrochemical and thermal power plants."