Saudi offtaker seeks nuclear deal advisers
19 June 2023
Riyadh-based Saudi Power Procurement Company (SPPC) has invited firms to bid for the financial, legal and technical consultancy contracts to prepare and review project agreements related to the procurement of electricity from Saudi Arabia’s first nuclear power plant.
The scope extends to signing a power-purchase agreement (PPA) with the project company for the planned Duwaiheen nuclear power plant, provisionally called Duwaiheen Nuclear Energy Company.
MEED reported earlier in June that the kingdom’s nuclear authority may be considering extending the tender closing date for the engineering, procurement and construction (EPC) contract for the kingdom’s first nuclear power plant project.
The current bid deadline is the end of June.
According to industry sources, the most likely bidders for the main contract are China National Nuclear Corporation, Korea Electric Power Corporation (Kepco) and Russia’s Rosatom.
Neither King Abdullah City for Atomic & Renewable Energy (KA-Care) nor the apparent bidders have confirmed the bid list.
2.8GW project
The kingdom’s first planned nuclear power plant is expected to be procured using a traditional design and build model.
In September 2016, MEED reported that Saudi Arabia was carrying out technical and economic feasibility studies for the first reactors and was also looking at possible locations for the kingdom’s first nuclear project, a 2.8GW facility.
MEED reported the following year that KA-Care had received requests for information from the US firm Westinghouse, France’s EDF and Russia’s Rosatom.
It is understood South Korea’s Kepco and a Chinese nuclear power company had also responded to the request for qualifications for the main contract.
Location
MEED reported in early 2018 that the kingdom was assessing two potential locations for the nuclear power plant. The two shortlisted are Umm Huwayd and Khor Duweihin. Both are on the coast near the UAE and Qatari borders.
The two sites were shortlisted following investigations conducted in 2011 and 2012, in accordance with sitting guidance issued by international regulatory agencies, including the International Atomic Energy Agency and the US Nuclear Regulatory Commission (NRC).
In July 2018, France’s Assystem was appointed to conduct a site characterisation study, environmental impact assessment and preliminary safety analysis report to assist with the selection of the preferred site for the kingdom’s first planned nuclear power project.
MEED understands a site at Khor Duweihin was subsequently chosen for the first project.
The same year, Australia’s WorleyParsons was appointed by KA-Care for the project management office consultancy role for the kingdom’s nuclear energy programme.
WorleyParsons is understood to have previously completed the Large Nuclear Power Plant (LNPP) site selection study for KA-Care.
Three-pronged strategy
Riyadh plans to develop nuclear power through a three-pronged strategy. The majority of the nuclear power capacity will be developed through conventional, large-scale nuclear facilities, such as the one being tendered.
The kingdom also plans to develop atomic energy through a series of smaller, system-integrated modular advanced reactor technology (Smart) nuclear power plants in partnership with South Korea.
The third pillar of Saudi Arabia’s nuclear energy programme will involve mining uranium resources to fuel the plants, as highlighted earlier this year by the energy minister.
Developing the kingdom’s mining sector is a key goal of Saudi Vision 2030, launched in April 2016.
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UAE-Turkiye financial links strengthen
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Turkish bank DenizBank is one of Turkiye’s leading private banks and, as a wholly owned subsidiary of Emirates NBD since 2019, it is playing a leading role in developing business links between the UAE and Turkiye.
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“Turkiye is a growing country,” he says. “We’ve had volatility over the past five years, but the Turkiye economy and the banking sector have been able to manage those periods successfully.”
Having spent years with international institutions such as BBVA, Bastug has vast experience in the banking sector. “Turkish banks, especially private ones like DenizBank, are very successful. In terms of capital, balance sheet structure and digital transformation, we are in a strong position,” he says.
Solid fundamentals
Turkiye’s fundamentals remain solid with a diversified export-oriented economy, a young and skilled population of 85 million, and relatively low debt levels. “We are not a highly leveraged country. Our household debt-to-GDP ratio is low. With the right policy mix, we offer high potential for foreign investors,” says Bastug.
That potential is increasingly being realised through growing engagement with the GCC and the UAE. “Turkiye’s connection with the Gulf is going up, and DenizBank is set to play a serious role in these relations. Day by day, Turkish companies are expanding their footprint in the region.”
GCC projects
Baştug says that many of these companies approach DenizBank to help facilitate their entry into Gulf markets. “Some of our clients are extremely well capitalised, but others need support for major projects. Just recently, one Turkish company announced a $3bn project in the region. We’re helping them connect with Emirates NBD and navigate the local financial landscape.”
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DenizBank is already delivering results. “With Emirates NBD, we’ve identified 10 strategic cooperation areas, including trade finance, payments and capital markets. Thanks to this partnership, Emirates NBD has become the number one debt capital markets bank in Turkiye, even ahead of global players.”
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Turkiye’s connection with the Gulf is going up, and DenizBank is set to play a serious role in these relations. Day by day, Turkish companies are expanding their footprint in the region
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DenizBank is the fifth-largest private bank in Turkiye with about a 5% market share. “The largest private bank is at 13%. It’s not easy to close that gap – but we will do it. Our long-term goal, aligned with our shareholder, is to become the biggest and most successful private bank in the country.”
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Iraq has been gradually recovering since the war. The government initially prioritised infrastructure and public housing to stimulate economic growth, improve living standards and attract foreign investment.
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