How US bid prevailed over China, France, Russia in Saudi nuclear deal
The Trump administration has made American nuclear technology a major priority with an $80 billion investment in the sector, including nearly $18 billion in loans to Westinghouse Electric Company to develop its AP1000 reactor lines.
The US and Saudi Arabia are set to announce a nuclear deal on Wednesday that will provide the Gulf state with a civilian nuclear program, staving off interest from companies spanning China and South Korea to France and Russia.
The US-Saudi deal will last 30 years and is estimated to be worth tens of billions of dollars, the Wall Street Journal reported late on Tuesday, citing Trump administration officials. The deal will put American companies in pole position to build and develop Saudi Arabia’s nuclear infrastructure.
The deal is yet to be approved by Congress, where some lawmakers are expected to want to veto the pact based on concerns over it spurring a nuclear arms race in the Middle East. However, it will be difficult for lawmakers to block because it would require a joint resolution and a two-thirds majority vote.
Previous bidders: The accord will exclude foreign competitors from developing the Gulf state’s nuclear program. Companies from several different countries have expressed interest or submitted bids to develop the kingdom’s nuclear infrastructure over the years.
