FINANCIAL NEWS

Saudi, France to ink nuclear deal

24 Jan 2011

(MENAFN) Anne Lauvergeon, Chief Executive of Areva, a France-based nuclear reactor maker, said that it will sign a partnership agreement with Saudi Arabia’s Binladin Group, for nuclear and solar energy, in a bid to meet accelerated demand and cut fossil fuel use in the Kingdom, Reuters reported.

According to Lauvergeon, although it sits on the world’s largest oil and gas reserves, Saudi Arabia is struggling to keep up with rapidly rising power demand as petrodollars have fueled a Gulf wide economic boom as well as a population boom.

The mentioned agreement with Areva is 90 percent controlled by the French government through direct and indirect holdings, the chief executive added.

Total power demand in the Saudi kingdom is expected to triple to 120 gigawatts (GW) by 2050 from around 40 gigawatts in 2010, revealed Lauvergeon.

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