• 4 minutes Ten Years of Plunging Solar Prices
  • 7 minutes Hydrogen Capable Natural Gas Turbines
  • 10 minutes World looks on in horror as Trump flails over pandemic despite claims US leads way
  • 13 minutes Large gas belt discovered in China
  • 43 mins Would bashing China solve all the problems of the United States
  • 3 hours 60 mph electric mopeds
  • 31 mins Pompeo's Hong Kong
  • 4 hours COVID 19 May Be Less Deadly Than Flu Study Finds
  • 17 mins Chicago Threatens To Condemn - Possibly Demolish - Churches Defying Lockdown
  • 2 hours New Aussie "big batteries"
  • 9 hours Let’s Try This....
  • 1 hour China to Impose Dictatorship on Hong Kong
  • 8 hours Oil Markets Could Soon Face A Devastating Supply Crunch
  • 10 hours Monetary and Fiscal Policies in Times of Large Debt:
  • 2 hours Fed Says It Will Begin Buying Corporate-Debt ETFs on Tuesday
  • 22 hours Backlash Against Chinese
  • 1 hour Iran's first oil tanker has arrived near Venezuela
  • 1 day The CDC confirms remarkably low coronavirus death rate. Where is the media?
Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Saudis Advance Nuclear Power Plans

Saudi Arabia is in talks with 10 countries that could help it advance its ambitious nuclear power plans should the United States refuse to do that, the Kingdom’s Foreign Minister Adel al-Jubeir said at the Munich Security Conference.

Cooperation with the U.S. in the field of nuclear power is only possible for countries that sign the so-called 123 agreement, which stipulates a clear distinction between using nuclear technology for civil and for military purposes, and binds the signee to utilizing the technology for civil purposes only.

It seems that Saudi Arabia is not all too willing to sign such an agreement and is looking for alternative suppliers of know-how, even though Al-Jubeir made a point to say that Riyadh has no interest in using nuclear technology for military purposes.

The Kingdom’s nuclear plan seeks the construction of 16 nuclear reactors within the next 20-25 years, for a total cost of over US$80 billion. The aim is to reduce the domestic consumption of crude oil, so more of it can be exported. Saudi Arabia currently uses about 25 percent of its oil production domestically, and as the World Nuclear Association recently noted, while production is unlikely to rise substantially, this is not the case with demand for electricity, which is booming.

"The countries that we are talking to are probably roughly 10 countries or so around the world and we have not made a decision yet with regards to which path we will take and which country we will be focusing on more," Al-Jubeir said. However, the minister declined to give a straight answer to the question what the Kingdom would do if the U.S. refuses to support its nuclear program.

"This is really something that's up to our nuclear energy professionals to deal with, but our objective is we want to have the same rights as other countries," he said. India recently became the latest country to sign a 123 agreement with the United States.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News