SerpApi.Org
The U.S. and Saudi Arabia signed a landmark agreement to develop a civilian nuclear program in the kingdom and potentially open the door to uranium enrichment on its territory, the U.S. Department of Energy announced Wednesday, confirming previous reports.
The 30-year, multibillion-dollar deal gives U.S. companies a central role in developing Saudi nuclear infrastructure while shutting out foreign competitors but also raises concerns about nuclear proliferation in the volatile Middle East.
The controversial deal is expected to be submitted to Congress for review in the coming days, but it will be difficult to block, since doing so would require a joint resolution and a two-thirds majority vote if needed to override a potential presidential veto.
Saudi Arabia, which currently produces virtually all of its domestic energy from fossil fuel, insists its intentions are peaceful, although Crown Prince Mohammed bin Salman has said that if Iran ever develops a nuclear weapon, his nation will follow suit.
Westinghouse Electric and its AP1000 reactor—which produces ~1,100 MW of electricity, enough to power a midsize city or a major AI data center—likely would rank among the biggest beneficiaries of the deal.
Westinghouse is jointly owned by Canada's Brookfield Asset Management (BAM), a major investor in energy infrastructure, and Canadian uranium producer Cameco (CCJ).
The agreement would allow Westinghouse, Bechtel, BWT Texchnologies (BWXT), Centrus Energy (LEU), and other companies to sell sensitive nuclear equipment to Saudi Arabia, Jonathan Hinze, president of nuclear consultancy UxC, told CNBC.
Other potentially relevant companies include GE Vernova (GEV), Oklo (OKLO), Nuscale Power (SMR), X-Energy (XE).
