S.Korean, Saudi leaders agree on cooperation in nuclear industry

South Korea and Saudi Arabia have reached a landmark bilateral agreement on cooperation in the nuclear power industry.

The agreement was reached on Tuesday when President Park Geun-Hye on her trip to Saudi Arabia met with the Middle East kingdom's new King Salman bin Abdulaziz al-Saud.

The two countries signed a relevant memorandum of understanding which could help South Korean companies win a 2 billion-dollar project to build two mid-size commercial nuclear reactors in Saudi Arabia if the country decides to build them after a preliminary review.

The reactor, with a power output capacity of 100 megawatts, is known to be smaller and easier to operate than conventional reactors. Riyadh plans to build up to 18 reactors by 2040.