Nuclear Deal Between the US and Saudi Arabia Redefines Renewable Energy Landscape

The United States has signed a landmark nuclear energy deal that could redefine the renewable energy landscape in the Middle East. Finalized in late July by U.S. Secretary of Energy Chris Wright and his Saudi counterpart, Prince Abdulaziz bin Salman al-Saud, the nuclear cooperation pact between the two nations raises questions over how Middle Eastern countries will approach renewable energy projects in the future.

The deal combines a bilateral safeguards arrangement between the two countries and a peaceful nuclear cooperation framework. It is the culmination of more than twenty years of negotiations between the U.S. and Saudi Arabia, and it has the potential to fundamentally change how the Middle East approaches renewable energy infrastructure amidst the global shift from the fossil fuels that enriched Saudi Arabia to cleaner alternatives like wind and solar.

According to U.S. Energy Secretary Chris Wright, the arrangement between Saudi Arabia and the U.S. maintains ‘the highest’ safety standards and non-proliferation standards. With a 3-decade lifespan, the nuclear cooperation pact has the potential to inject tens of billions of dollars into the U.S. economy.

Furthermore, Westinghouse Electric Company CEO Dan Sumer notes that the agreement will strengthen the country’s energy security and bring more opportunities to American firms. The agreement represents a noticeable move away from the usual practice of importing finished nuclear fuel rather than enriching it domestically.

It reportedly lays the groundwork for Saudi Arabia to eventually start enriching uranium in a local facility built by the U.S. after a short joint study. This unprecedented move has left industry observers wondering how nuclear energy infrastructure will roll out across the Middle East over the next 3 decades.

Rosemary Kelanic, director of the Middle East program at an American foreign policy think tank, says the idea of Saudi Arabia enriching its own nuclear fuel with the U.S.’s aid is ‘quite shocking’. She specifically points out that the U.S. has never helped another country enrich uranium domestically. It could set a precedent for other Middle Eastern nations interested in including nuclear energy in their decarbonization strategies.

The U.S.-Saudi Arabia nuclear cooperation pact is in direct contrast to a 2009 nuclear deal between the U.S. and the UAE; while the Saudi Arabia pact gives the country the opportunity to enrich uranium domestically, the 2009 deal saw the UAE agree to never reprocess or enrich nuclear fuel.

The United Arab Emirates also agreed to the International Atomic Energy Agency’s Additional Protocol, voluntarily putting itself under a more stringent regime for verifying peaceful nuclear energy use.

Entities like American Fusion Inc. (OTC: AMFN) that are focused on commercializing fusion energy will be tracking this new trend of nuclear energy deals negotiated between the U.S. and its partners as such agreements could transform the energy landscape and create viable opportunities for American companies.

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