• 5 minutes Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 11 minutes Don't Expect Too Much: Despite a Soaring Economy, America's Annual Pay Increase Isn't Budging
  • 15 minutes WTI @ 67.50, charts show $62.50 next
  • 18 hours The EU Loses The Principles On Which It Was Built
  • 10 hours Starvation, horror in Venezuela
  • 39 mins Mike Shellman's musings on "Cartoon of the Week"
  • 13 hours Why hydrogen economics does not work
  • 11 hours Again Google: Brazil May Probe Google Over Its Cell Phone System
  • 10 hours Tesla Faces 3 Lawsuits Over “Funding Secured” Tweet
  • 23 hours WSJ *still* refuses to acknowledge U.S. Shale Oil industry's horrible economics and debts
  • 2 days Chinese EV Startup Nio Files for $1.8 billion IPO
  • 3 hours Saudi Fund Wants to Take Tesla Private?
  • 1 day Crude Price going to $62.50
  • 6 hours California Solar Mandate Based on False Facts
  • 6 hours Oil prices---Tug of War: Sanctions vs. Trade War
  • 22 hours Saudi Arabia Cuts Diplomatic Ties with Canada
Global Energy Advisory – 10th August 2018

Global Energy Advisory – 10th August 2018

U.S. shale producers have been…

Why Saudi Arabia Cut July Oil Production

Why Saudi Arabia Cut July Oil Production

Saudi Arabia’s oil production in…

Saudis Say S. Korea Could Be Shortlisted For Nuclear Plant Project

Saudi

Saudi Energy Minister Khalid al-Falih is optimistic that South Korea could end up in the shortlist to build nuclear power plants in Saudi Arabia, al-Falih said on Friday during a visit to South Korea.

Asked about the bidding on Saudi Arabia’s nuclear plants project, al-Falih said on the sidelines of an event that South Korea could expect a “good result” on the process, without elaborating further.

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, but demand for electricity is booming.

Saudi Arabia is in talks with 10 countries that could help it advance its 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 in February this year.

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.

In March, al-Falih said during Crown Prince Mohammed’s two-week visit in the United States that the U.S. was not Saudi Arabia’s only option when it comes to developing nuclear energy projects.

Meeting al-Falih in Seoul today, South Korea’s President Moon Jae-in called for more cooperation between Saudi Arabia and South Korea and promoted South Korea’s nuclear power plant building capabilities and experience.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

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