Thursday, March 5, 2015

Saudi - S. Korea Nuclear Deal

Saudi Arabia and South Korea signed five key accords on Tuesday in Riyadh including a plan to study the feasibility of building nuclear reactors worth SR7.5 billion across the country. The two countries, under the provisions of the signed MoU, are set to conduct a three-year preliminary study, to be completed in 2018, on the feasibility of constructing the nuclear reactors in Saudi Arabia.
King Salman and South Korean president Park Geun-hye.

Jungho Lee, a spokesman of the South Korean Embassy, said the framework agreement would include technical cooperation, research and development, and the exchange of personnel. According to reports, the agreement would be reached between King Abdullah City for Atomic and Renewable Energy (KACARE) and South Korea’s science, ICT and future planning ministry.

Saudi Arabia is the biggest petroleum exporter and dependent on oil and gas for its electricity production. The late King Abdullah established KACARE in 2010 to develop alternate energy, including atomic power. Lee said the talks between King Salman and Park looked largely at economic, and science and technology cooperation. It was an “opportunity to take bilateral ties to a new level,” he said.
Nuclear Plant.

“The Republic of Korea became the first foreign country with which the Kingdom signed such key accords after King Salman ascended to the throne, and it is a real honor,” said Lee. King Salman also hosted a lunch for Park, while Crown Prince Muqrin, deputy premier; and Deputy Crown Prince Mohammed bin Naif, second deputy premier and minister of interior, called on Park separately on Tuesday.

Lee said the Korean president, who is accompanied by over 100 top businesspeople, would attend a Saudi-Korean business conference here on Wednesday. He said the two sides also touched on security issues and challenges facing the Middle East. An MoU was also signed between the Korean Ministry of Science and King Abdulaziz City for Science and Technology. 
Source: Arab News

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