Minister Paik Un-gyu of the Ministry of Trade, Industry and Energy (MOTIE) made it clear that Korea would participate in the construction of nuclear power units in Saudi Arabia.
MOTIE Minister Paik discussed ways of promoting cooperation in Saudi Arabia’s introduction of commercial nuclear power units during his meeting with Saudi Minister of Economy and Planning Adel bin Muhammad Fakih at the Lotte Hotel in Jamsil, Seoul, on Oct. 26.
Saudi Arabia is implementing a national nuclear power project, calling for the introduction of two nuclear power units with a combined capacity of 2.8GW by 2030. The project also calls for the development of a small-sized nuclear reactor, cultivating the nuclear power industry and revamping regulatory regimes on nuclear power units.
Minister Paik stressed during the meeting that Korea has proven its capabilities on the construction of nuclear power units and project management based on the expertise and experience the nation accumulated during more than 40 years of nuclear power unit construction and operation.
Citing the Baraka nuclear power project in the United Arab Emirates, Minister Paik said Korea is the sole country to meet its construction period within its allotted budget while building nuclear power units. He expressed Korea’s intention to participate in the Saudi nuclear power project.
Minister Paik disclosed Korea’s willingness to cooperate in Saudi Arabia’s project to build infrastructure for nuclear power units, including the cultivating of manpower essential for the operation of nuclear power units, and the establishing of regulatory regimes. In return, Saudi Minister Fakih replied that Saudi Araba will provide information related to the current status of the Saudi nuclear power industry.
The two countries agreed to share information on the bidding schedule, project methods and regulations. Saudi Arabia is to give public notice of a bid on a nuclear power project next month.
The Korean nuclear power industry has lashed out at the government’s being less aggressive in exporting nuclear power units while implementing policies of weaning the nation off nuclear power.
In this regard, the government, announcing a roadmap for a shift in the energy paradigm on Oct. 24, said it will aggressively provide support to nuclear power exports as steps to counterbalance the implications of the Korean nuclear power industry, caused by the energy paradigm shift.
The government said it would seek to hold summit talks and minister-level bilateral talks with Saudi Arabia, Czech Republic and the U.K. It means that President Moon Jae-in and MOTIE Minister Paik will launch sales efforts to export Korean nuclear power units. But the government attached preconditions on profits and risks, which are expected to emerge as variables in exporting Korean-made nuclear power units.
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