Park upbeat over possible export of reactors to Saudi Arabia

By Kim Kwang-tae RIYADH, March 3 (Yonhap) -- South Korean President Park Geun-hye on Tuesday was upbeat over the possible export of nuclear reactors to Saudi Arabia as she met with the kingdom's newly enthroned King Salman. South Korea and Saudi Arabia will push to conduct a preliminary review by 2018 to build more than two mid-size commercial reactors in the oil-rich kingdom, said Park's office. The plan is the centerpiece of a memorandum of understanding calling for a joint partnership on a nuclear reactor developed by South Korea for export to water-scarce countries, including the Middle East. With a power output of 100 megawatts, the reactor is designed to be smaller, cheaper and easier to operate than conventional reactors. It can be connected to a desalination plant to provide large quantities of fresh drinking water. Park and Salman observed the signing of the MOU after their summit at Erga Palace on the outskirts of Riyadh. South Korea said the MOU could help its companies win a US$2 billion project to build two mid-size commercial reactors in Saudi Arabia if the kingdom decides to build the reactors after the preliminary review. Park told Salman that Saudi Arabia's move to join hands with South Korea in the nuclear reactor is a "smart choice," Park's office said, without elaborating on how Salman responded. The move comes as Saudi Arabia pushes to develop nuclear reactors to meet its growing energy needs. The kingdom plans to build up to 18 nuclear reactors by 2040. South Korea -- which relies on 23 nuclear reactors for one-third of its energy needs -- has emerged as a new export powerhouse of nuclear power plants in recent years. In 2009, a South Korean consortium won a US$20.4 billion project to build four light water nuclear reactors in the United Arab Emirates by 2020 in South Korea's first export of nuclear reactors. The summit is the first since Salman inherited the throne of the oil-rich kingdom following the death of his brother and king, Abdullah, in January. Park met with then Saudi Crown Prince Salman on the sidelines of a summit of the Group of 20 advanced and emerging economies in Brisbane, Australia, in November. Park and Salman also shared the need to cooperate on resolving major international issues, Park's office said, without elaborating. However, Ju Chul-ki, senior presidential secretary for foreign affairs, declined to say whether the two leaders discussed the militant group Islamic State, which has emerged as a new security threat to the international community. South Korean President Park Geun-hye is greeted by Saudi Arabia's newly enthroned King Salman at a welcoming ceremony upon arrival in Riyadh on March 3, 2015 (Yonhap) Park did not wear a headscarf when she was greeted by Salman and other royals at a welcoming ceremony at the airport. Still, she dressed conservatively, wearing a dark gray suit in the conservative Muslim country where women must cover their heads. Park also held separate meetings with Crown Prince Muqrin bin Abdulaziz al-Saud, Salman's youngest brother, and Deputy Crown Prince Mohammed bin Nayef al-Saud as part of efforts to build trust with the ruling family. Saudi Arabia is the second stop on Park's four-nation swing that will take her to the United Arab Emirates and Qatar. In Kuwait, Park held talks with Kuwait's emir, Sheikh Sabah Al Ahmad Al Sabah, and sought his interest and assistance to ensure that South Korean companies can participate in industrial and infrastructure projects in the oil-rich country. Park's Mideast tour comes as oil-rich regional countries are seeking to diversify their economic portfolios ahead of the inevitable advent of a post-oil era. A plunge in oil prices in recent months has also highlighted the need to diversify those economies that are heavily dependent on oil. entropy@yna.co.kr (END)