Oil & Energy
US, Saudi Arabia Reach Deal on Nuclear Cooperation
The US and Saudi Arabia have signed a deal for peaceful nuclear cooperation, an agreement that has a reach of multiple decades and will entail billions of dollars of business.The deal was signed by US Energy Secretary Chris Wright and Saudi Energy Minister Abdulaziz bin Salman, the Department of Energy said in a statement. The statement said such deals are commonly referred to as "a 123 agreement."They also signed an accompanying bilateral safeguards agreement."The 123 agreement provides great access for [US] companies in the Saudi nuclear energy program, benefiting [US] industry, workers, and supply chains while helping to meet Saudi energy needs," the statement said.It went on to say that the two deals advance US and regional security "by upholding high standards of nuclear safety, security, and nonproliferation and strengthening the United States' competitive edge in civil nuclear technology."The deal will build upon an executive order by US President Donald Trump, entitled Deploying Advanced Nuclear Reactor Technologies for National Security, specifically its eighth section regarding promotion of US nuclear exports.The partnership will expand US nuclear technology exports, create jobs and reinforce global nonproliferation standards, the statement said.The agreement will now be sent to the US Congress for review.
