Saudi Arabia has expressed interest in exploring small modular nuclear reactor technology, as part of the country’s strategy to diversify its energy sources and produce cleaner power.
As reported by Bloomberg, Saudi Arabia, a late-comer to nuclear power, is examining all forms and uses of atomic generation. The nation’s energy minister, Prince Abdulaziz bin Salman, made the announcement at a climate conference in Riyadh.
The Saudi government is currently building a test reactor, seeking U.S. support in developing its nuclear program. The Persian Gulf region is becoming a key player in the fight against climate change, with the UAE readying to host the annual United Nations environmental summit.
Despite their efforts to develop renewable energy sources such as solar power and carbon-capture systems, Saudi Arabia and the UAE are also working to increase oil output capacity.
“There is a case for us to continue to be in oil and to continue to be in gas,” stated Prince Abdulaziz.
Besides nuclear technology, Saudi Arabia is investigating the potential for geothermal energy, particularly in regions far from fossil fuel resources, and is also improving its carbon capture capacity.
Last week, oil prices fell about $10 a barrel as investors expressed concern over global economic strength and energy demand.
Read Next: Joe Rogan Says How Fast Model X Plaid Is, Elon Musk Responds
Image by em_concepts on Shutterstock
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.