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S. Korea shortlisted for Saudi Arabia's nuclear project

All News 19:57 July 01, 2018

SEOUL, July 1 (Yonhap) -- South 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 Sunday.

Saudi Arabia selected five countries -- 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.

South Korean president Moon Jae-in (R) shakes hands with Khalid Al-Falih, Minister of Energy, Industry and Mineral Resources of Saudi Arabia and chairman of Saudi Aramco, in their meeting at the Blue House in Seoul on May 4, 2018, in this photo provided by the presidential office. (Yonhap)


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