Korea-Saudi Arabia Launches Smart Small Modular Reactor Construction Project

[Asia Economy Reporter Junho Hwang] South Korea and Saudi Arabia are set to accelerate the construction and export project of the small modular reactor 'SMART.'

The Ministry of Science and ICT announced on the 3rd that the Korea Atomic Energy Research Institute and the Saudi Royal Atomic and Renewable Energy City (K.A.CARE) have established the Korea-Saudi joint venture company ‘SMART EPC’ to be in charge of SMART construction and export. Until SMART EPC is established, Korea Hydro & Nuclear Power will perform the role of 'SMART EPC.'

This revision of the agreement was made at the request of the Saudi side to reduce the risks of the first SMART unit construction project by involving Korea Hydro & Nuclear Power, which has extensive experience in nuclear power plant construction and operation, in the SMART project. Going forward, Korea Hydro & Nuclear Power will conduct consultations for SMART licensing, business models, construction infrastructure establishment, and exports to third countries.

Additionally, to reduce the burden of Saudi construction permit reviews for SMART and to promote overseas exports, a new 'SMART Standard Design Licensing Joint Promotion Agreement' was signed. The joint promotion agreement for standard design licensing includes details such as the scope of work and funding sharing plans among Korea Hydro & Nuclear Power, the Korea Atomic Energy Research Institute, and K.A.CARE to obtain domestic standard design licensing based on the SMART PPE project results.

Choi Won-ho, Director of the Large-scale Public Research Policy Bureau at the Ministry of Science and ICT, stated, "With the foundation for partnership cooperation between South Korea and Saudi Arabia established across the entire nuclear power sector?from licensing stages to construction and infrastructure development?the Korea-Saudi SMART project will gain significant momentum moving forward."

This content was produced with the assistance of AI translation services.