(MENAFN) Saudi Arabia signed a memorandum of understanding (MoU) with South Korea for fostering more cooperation on the development of nuclear energy, Reuters reported.
The MoU entails that South Korean firms are set to help building two nuclear reactors in Saudi, according to the South Korean presidential office.
Saudi plans on building 17 gigawatts (GW) of nuclear power by 2032, in addition to 41 GW of solar capacity. Saudi currently does not have nuclear power.
"If the two units go ahead, the cost of the contract will be near USD2 billion," the South Korean presidential statement said addressing the estimated value of the MoU contract.
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