Toshiba, Shaw and Exelon form Saudi partnership

12 July 2010

The Shaw Group Inc., Toshiba Corporation and Exelon Nuclear Partners are to form a partnership to pursue opportunities to design, build and operate new nuclear power plants in Saudi Arabia.

Under the terms of the agreement, the team would look at the procurement, construction and operation of nuclear power plants based on Toshiba's Advanced Boiling Water Reactor (ABWR) technology. The group also is capable of utilizing Westinghouse AP1000 technology.

Toshiba and Shaw would provide design, engineering, procurement and construction while Exelon would provide operations and related services for the projects.

"Shaw, Toshiba and Westinghouse are working collaboratively with customers to build four nuclear units in China and six new nuclear units in the US, the first contracts awarded in the US in nearly 30 years for new nuclear power plants," said Shaw's chairman, president and chief executive officer J.M. Bernhard Jr.

"The addition of Exelon, which operates the largest nuclear power fleet in the United States, creates a team that is unmatched in its ability to offer a portfolio of technology, construction and operations in Saudi Arabia.”

The Saudi government recently stated its commitment to the research and funding of commercial nuclear power. In April, King Abdullah issued a royal order establishing the King Abdullah City for Nuclear and Renewable Energy, a high-level organization that will oversee all aspects of a nuclear power industry in Saudi Arabia. Shaw currently is working in Saudi Arabia, performing a three-phase study to define and recommend operational improvements at 53 power plants throughout the Kingdom.

Before any US company to engage in civilian nuclear cooperation with Saudi Arabia, the USA and Saudi Arabian governments must negotiate a framework agreement that meets specific requirements under Section 123 of the Atomic Energy Act, followed by US congressional review of the agreement. Execution of any business arrangements for a Japanese company with a Saudi Arabian entity is also subject to the future conclusion of an Agreement for Cooperation between Japanese and Saudi Arabian governments concerning Peaceful Uses of Nuclear Energy.

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