China, Saudi Arabia sign new energy agreement

Saudi Arabia is turning to its biggest crude oil customer, China, for help in developing domestic nuclear and renewable power as the oil-rich kingdom seeks to diversify its own energy base.

Saudi Arabia may spend up to $US80 billion on nuclear power plants and $US100 billion on solar power projects between now and 2032, making the country’s energy sector one of the biggest investment opportunities in the world.

Under an agreement signed in Beijing last week, state-owned Chinese National Nuclear Corporation (CNNC) and Saudi Arabia’s energy research centre, known as the King Abdullah City for Atomic and Renewable Energy (K. A. CARE) agreed to cooperate on developing and producing nuclear and renewable energy to meet Saudi domestic demand.

The arrangement will build on a nuclear cooperation agreement reached by the two countries in 2012.
Geoff Hiscock – THE AUSTRALIAN
(Geoff Hiscock writes on international business and is the author of “Earth Wars: The Battle for Global Resources,” published by Wiley.)