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S. Korea shortlisted for S. Arabia’s nuclear energy project

SEOUL: Korea has been included on the shortlist for a nuclear project in Saudi Arabia, boosting hope for its second export bid in the Middle East following a deal in the United Arab Emirates (UAE), Seoul’s energy ministry said today.

Saudi Arabia selected five countries including South Korea, the United States, France, Russia, and China as preferred bidders for the kingdom’s first nuclear project, the Ministry of Trade, Industry, and Energy said.

The kingdom plans to build two nuclear reactors with a total generating capacity of up to 2.8 gigawatts by 2030 and is expected to finalize the deal next year, the ministry said. The state-run Korea Electric Power Corp. is leading a consortium with its subsidiary, the Korea Hydro & Nuclear Power Co., for the multi-billion dollar contract.

Saudi Arabia currently uses about 25 percent of its oil production domestically, but it aims to reduce the domestic consumption of crude oil and increase investment in nuclear and renewable energy. The lucrative deal is the second chance for South Korea to tap into the Middle East market following a US$20 billion contract with the UAE in 2009.

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.