South Korea has signed a memorandum of understanding (MOU) to cooperate on the development of nuclear energy in Saudi Arabia following a meeting in Riyadh between South Korean president Park Geun-hye an Saudi Arabia's King Salman.
The two parties will conduct a three-year preliminary study on the feasibility of constructing the nuclear reactors in Saudi Arabia. South Korean firms would then build two small-to-medium sized reactors at a cost of around $2bn, the South Korean presidential office said in a statement. The agreement builds on an agreement signed in 2011 to "develop and apply nuclear energy for peaceful uses."
Saudi Arabia had previously planned to add 17GWe of nuclear power capacity and 41GWe of solar power by 2032 but earlier this year the King Abdullah City for Atomic and Renewable Energy (K.A.CARE) pushed back the deadline to 2040.
Korea Electric Power Corp (KEPCO) is currently building a four reactor NPP at Barakah in Abu Dhabi in the United Arab Emirates (UAE). The first of four 1400MW units is expected to come online in 2017 with all four to be operational by 2020.