South Korea will partner with the U.S. and the UAE in order to win a nuclear power plant construction project in Saudi Arabia.
The King Abdullah City for Atomic and Renewable Energy (K.A.CARE) selected the United States, Russia, China, France and South Korea as possible candidates for the project on July 1.
Saudi Arabia is planning to build two nuclear power plants with a capacity of 2.8 GW by 2030 and a total of 16 nuclear power plants for 20 to 25 years to come. The upcoming project for the two plants has an estimated contract value of 21 trillion won (US$19 billion) and the total contract value of the projects for the 16 plants is estimated at no less than 100 trillion won (US$90 billion).
The Ministry of Trade, Industry & Energy of South Korea decided to partner with the U.S. and the UAE to win the project. The United States is currently discussing a nuclear power agreement with Saudi Arabia based on Section 123 of the U.S. Atomic Energy Act and the UAE is a country very close to Saudi Arabia.
The ministry is going to discuss intergovernmental cooperation with the United States first, and then the Korea Electric Power Corporation and the Korea Hydro & Nuclear Power Corporation seek a partnership with American nuclear power companies based on South Korea’s APR-1400 reactor and Westinghouse Electric Company’s AP-1000. In the UAE, South Korea successfully built a nuclear power plant in Barakah to win its trust. The South Korean and UAE governments already concluded an agreement for joint business in third countries’ nuclear power generation markets.