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Shaw, Toshiba, Exelon Agree to Team Up for Saudi Arabian Nuclear Projects
Shaw Group Inc., Toshiba Corp. and Exelon Nuclear Partners, a unit of Exelon Corp., will team up to pursue nuclear power contracts in Saudi Arabia as the kingdom invests to meet energy demand.
The group wants to provide engineering, procurement, construction and operations for Saudi nuclear power plants under the terms of the agreement, the companies said today in a statement released through Business Newswire.
Saudi Arabia is one of several Arab Gulf countries seeking to develop nuclear energy to meet rising electricity demand. Kuwait and France signed a civil nuclear-energy accord in April and the United Arab Emirates awarded a $20 billion contract in December to a group of companies led by Korea Electric Power Corp. to build four nuclear plants.
Saudi Arabia’s Cabinet gave permission on July 7 for a draft cooperation agreement with France for the development of peaceful uses of nuclear energy, the Saudi Press Agency reported, without giving more details.
Saudi Arabia, the Arab world’s largest economy, said in April it will start a civilian nuclear and renewable energy center to help meet increasing demand for power and to supervise its atomic-energy program. The kingdom will spend $80 billion to increase its power-generation capacity and transmission network in the next decade as demand rises to 65,000 megawatts in 2018, up from 41,200 megawatts last year.
The King Abdullah City for Nuclear and Renewable Energy will be built in Riyadh, the kingdom’s capital, the state-owned Saudi Press Agency said, citing a royal order from King Abdullah. The new center will draft a national policy for nuclear power use and supervise the kingdom’s atomic energy and nuclear waste. It will represent Saudi Arabia at the Vienna- based International Atomic Energy Agency.
To contact the reporter on this story: To contact the reporter on this story: Glen Carey in Riyadh at gcarey8@bloomberg.net
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