The MoU has been signed on the sidelines of bilateral talks between President Park Geun-hye and the newly crowned King Salman bin Abdulaziz Al Saud.
Signed by the Korea Atomic Energy Research Institute (Kaeri) and Saudi Arabia’s King Abdullah City for Atomic and Renewable Energy (Ka-Care), the MoU will see the two countries developing Kaeri-designed System-integrated Modular Advanced Reactor (Smart) reactors.
According to Kaeri, the Smart reactors have been designed to target the Middle Eastern countries where they can generate electric power and also desalinate sea water.
The two countries will conduct a three-year preliminary study by 2018 to assess the feasibility of constructing Smart reactors in Saudi Arabia.
Quoting officials, Kaeri said in a statement: "With the agreement, the South Korean Government expects to win $2bn 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.
The new MoU builds on an existing agreement, which was signed between the countries in 2011 to develop nuclear energy for peaceful uses, reported Reuters.
South Korea President senior secretary for economic affairs An Chong-bum said: "The agreement is expected to open opportunities for South Korean firms to participate in Saudi Arabia’s nuclear reactor project."
Saudi Arabia, the world’s largest producer and exporter of oil, is planning to develop more than 12 18GW nuclear power plants by 2040 in order to address growing domestic demand for electricity and to secure new energy sources.
Image: R. Photo: courtesy of xedos4/Freedigitalphotos.net.
