Cooperation on nuclear energy studies agreed
- Saudi Arabian/South Korean agreement covers development of renewable energy
- Kepco is building the Baraka Nuclear Power Plant in Abu Dhabi
- South Korean export bank will provide $3bn of financial guarantees
The Saudi Electricity Company (SEC) signed a memorandum of understanding (MoU) with South Koreas Korea Electric Power Corporation (Kepco) to study nuclear and renewable energy, on 3 March 2015.
The MoU covers research and development, training, transmission and the development of projects over three years.
Kepco is leading the consortium building Abu Dhabis Baraka Nuclear Power Plant.
The SEC signed 3 other MoUs on 3 March.
It agreed with Korea EximBank, South Koreas export credit agency, to develop a framework agreement for financing guarantees of up to $3bn, over the next three years.
The SEC agreed with South Koreas Doosan Heavy Industries & Construction to study cooperation in developing power plants and renewable energy, over the next two years.
It signed an MoU with US firm GE to study the possibility of establishing holding companies for the operation and maintenance of power plants, over three years.
The SEC also announced the completion electricity projects Sharurah, in the South of Saudi Arabia. The largest was a 300km 380kV connection to the national grid through the city of Najran, costing SR1.36bn ($362.7m). The expansion of Sharurah gas power plant by 120MW, costing SR399m, and associated high-voltage transmission lines, substations, transformers, costing SR145m have also been completed.
You might also like...
Dubai RTA completes construction on four road schemes
19 March 2024
Oman issues Suwaiq industrial city design tender
19 March 2024
Aramco CEO calls fossil fuel phase out a fantasy
19 March 2024
Aramco allows more time for offshore LTA proposals
19 March 2024
A MEED Subscription...
Subscribe or upgrade your current MEED.com package to support your strategic planning with the MENA region’s best source of business information. Proceed to our online shop below to find out more about the features in each package.