RIYADH: The US and Saudi Arabia are set to sign a preliminary agreement on energy collaboration and civilian nuclear technology, Energy Secretary Chris Wright announced at a press conference in Riyadh.
Wright explained that further details regarding nuclear cooperation will be disclosed later this year, with the focus being on establishing a commercial nuclear power industry in Saudi Arabia.
“Meaningful developments are expected this year, and a 123 nuclear agreement with Saudi Arabia will definitely be in place,” he confirmed.
Wright highlighted that the US anticipates long-term cooperation with Riyadh in developing the Kingdom’s civilian nuclear sector.
He also acknowledged Saudi Arabia’s abundant solar resources and potential for technological advancements.
Praising Saudi Arabia’s approach to efficient energy development, Wright noted that this strategy applies to all forms of energy.
He further stated that the Kingdom is likely to become one of the leading nations investing in the US, which would benefit both countries.
Wright thanked Crown Prince Mohammed bin Salman and Energy Minister Prince Abdulaziz bin Salman for their hospitality, as he and his delegation arrived to strengthen bilateral ties and explore common interests.
He shared that discussions with Saudi officials covered energy cooperation, critical minerals mining, industrial development, and climate change, underscoring the importance of improving human lives through these initiatives.
Addressing challenges faced by both nations in recent years, particularly in the energy sector, Wright expressed confidence that Saudi Arabia’s efficient energy development has laid a strong foundation for progress.
On US tariffs, Wright discussed President Trump’s broader economic agenda, emphasizing that tariffs are part of a larger strategy to ensure fair trade and reciprocal access for American goods.
He clarified that while tariffs encourage investment in the US, the goal is to foster domestic manufacturing and expand economic opportunities for Americans.
Wright also pointed out the outsourcing of energy-intensive industries over the past two decades, which has led to a loss of jobs and economic security for many Americans.
He reiterated that President Trump’s platform focuses on bringing those jobs back to the US, with tariffs acting as one tool to promote investment and job creation.
Regarding current oil prices, Wright predicted that under President Trump’s leadership, energy prices are likely to decrease over the next four years.
He highlighted the frustrations many Americans face with rising energy costs, particularly in the absence of significant growth in electricity production.
By increasing energy supply, Wright believes that prices can be pushed down, benefiting both consumers and the economy.
He also advocated for removing barriers to investment and infrastructure development, which would help lower energy supply costs.
Wright stressed the importance of a more optimistic approach to global energy demand, countering growing pessimism that energy consumption is inherently harmful.
He commended Saudi Arabia for its commitment to expanding energy production, particularly through commercial nuclear power, noting that the US developed the technology for such systems.
As Saudi Arabia continues to diversify its energy sources, nuclear power is becoming a key area of interest, with the Kingdom’s uranium resources serving as a natural advantage in this pursuit.
Wright emphasized that global energy development requires long-term planning and substantial investment, not just quick fixes.
Ongoing US-Saudi collaboration, he said, could accelerate economic growth for both countries and globally, contributing to a more prosperous and energy-secure future for all.
[Reported by Saudi Press Agency]
