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Page added on December 29, 2009

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UAE to sell nuclear power, free more oil to export

DUBAI (Reuters) – A $40 billion deal by the United Arab Emirates to acquire nuclear reactors puts it ahead in a drive to meet fast growing power needs among its Gulf neighbors, while also allowing it to export more of its oil.

The prospect of starting electricity exports within the next decade is a key element behind the UAE’s award to a South Korean consortium on Sunday of the deal to build and operate four reactors in the third largest oil exporter.

…Economic growth has strained the infrastructure of the world’s largest oil exporters in the Gulf region, and left them struggling to supply enough power.

All six members of the Gulf Cooperation Council, UAE, Kuwait, Saudi Arabia, Bahrain, Qatar and Oman, have shown interest in nuclear power to meet soaring domestic demand for electricity and free more oil and gas for export.

Reuters



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