Russian atomic energy company Rosatom recently expressed strong interest in the Saudi nuclear power plant project and submitted a preliminary letter of intent to Saudi Arabia, once the bidding process starts, will be bidding.
Saudi Arabia plans to have 17.6 GW of nuclear power installed capacity by 2032, equivalent to 17 nuclear reactors, one of the countries that has set a major nuclear development target since the Fukushima nuclear accident in Japan in 2011.
Saudi Arabia is the world's largest oil producer and the largest oil exporter. In recent years, Saudi Arabia plans to promote diversified energy development, reduce its dependence on petroleum and protect the ecological environment as its electricity demand continues to grow.
Russian Energy Minister Alexander Novak issued a tweet on Thursday after his visit to Saudi King Salamanca. "Cooperation is the key to the peaceful use of atomic energy."
In September, the Russian atomic energy company once said that "it plans to build 16 nuclear reactors in Saudi Arabia with a total investment of about 100 billion U.S. dollars." This is also part of the 2015 IGA, an intergovernmental agreement signed between the two countries.
As the French Areva Energy Company and Toshiba's Westinghouse Electric has suffered a financial crisis, the Russian atomic energy company has become the world leader in nuclear power industry. Moreover, the company successively has construction projects of nuclear power plants in Finland, Turkey, India, Argentina, Bangladesh and other countries.