Saudi-US Nuclear Agreement Boosts Cooperation and Investment Opportunities

The Government of the Kingdom of Saudi Arabia and the Government of the United States of America signed a cooperation agreement in the field of peaceful uses of nuclear energy between the two countries, within the framework of the strategic partnership that binds the two friendly countries, building on what was announced during the visit of His Royal Highness Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister - may God protect him - to the United States of America last November, regarding the completion of negotiations on cooperation between the two countries in the field of peaceful uses of nuclear energy, and enhancing bilateral cooperation in the fields of energy and advanced technologies.

The agreement, signed by His Royal Highness Prince Abdulaziz bin Salman bin Abdulaziz, Minister of Energy, Minister of Industry and Mineral Resources, with U.S. Secretary of Energy Chris Wright, aims to enhance cooperation between the two countries in the field of peaceful uses of nuclear energy, support the exchange of expertise, knowledge and technologies, contributing to the development of joint cooperation according to the highest international standards related to nuclear safety, security and non-proliferation, and reflects the shared vision of the two countries towards expanding cooperation in the fields of energy and future technologies and supporting sustainable development.

The agreement represents an extension of the existing cooperation between the two countries in the energy sector, and supports efforts to diversify energy sources, develop advanced technologies, and enhance opportunities for cooperation and investment to achieve the common interests of the two friendly countries.

The Minister of Energy, Minister of Industry and Mineral Resources, His Royal Highness Prince Abdulaziz bin Salman, stressed that the Kingdom of Saudi Arabia is working to benefit from nuclear energy and its radiological applications for peaceful purposes and continues to implement its national nuclear energy project in all its components, including building the first nuclear power plant in the Kingdom to contribute to shaping the national energy mix and achieving sustainable national development in accordance with national requirements and international commitments.

The Minister of Energy added, during his delivery of the Kingdom's speech at the 68th session of the General Conference of the International Atomic Energy Agency in Vienna last September, "To achieve this, the Kingdom has completed the basic administrative readiness elements related to nuclear regulatory work and the requirements for fulfilling commitments under the Comprehensive Safeguards Agreement submitted to the Agency on July 20, 2024, by requesting the termination of the Small Quantities Protocol and moving to full implementation of the Safeguards Agreement. We are currently working with the Agency to complete the subsidiary procedures by the end of December 2024."

The Minister of Energy affirmed the Kingdom's commitment to legally binding international requirements related to its national nuclear energy project, and that the Kingdom's national systems and institutional structure meet the requirements for control of nuclear materials, technology, and export controls in line with its commitments to its important role in the international non-proliferation regime.

He explained that the Kingdom deposited on August 7 of this year its instrument of accession to the Agency's agreements on privileges and immunities, as the Kingdom is committed to a number of international documents related to nuclear fields, including those related to nuclear security, safety and safeguards. The Kingdom is also cooperating with the Agency to host a workshop to introduce the Joint Convention on the Safety of Spent Fuel Management and on the Safety of Radioactive Waste Management.

He noted that the Kingdom benefited from the Agency's Integrated Regulatory Review Service (IRRS) mission, which completed its task in October 2023 and contributed effectively to assessing national nuclear regulatory efforts and comprehensively evaluating the integration of national nuclear regulatory work. The mission praised the Kingdom's adherence to radiation safety standards and commended the development of its nuclear and radiological regulatory framework and its commitment to continuing to develop practices in accordance with best international standards.

Prince Abdulaziz bin Salman highlighted the Kingdom's transparency in facing this challenge to become a model country producing and exporting all types of energy. He also affirmed the Kingdom's keenness that its programs in the field of energy aim only at what they were established for.