Shaw, Toshiba and Exelon Sign Teaming Agreement for Nuclear Projects in Saudi Arabia
The Shaw Group Inc., Toshiba Corporation and Exelon Nuclear Partners today announced a teaming agreement to pursue opportunities to provide a full complement of services to design, engineer, construct and operate new nuclear electric generating plants in Saudi Arabia.
Under the terms of the agreement, the group jointly would pursue engineering, procurement, construction and operations of nuclear power plants using Toshiba's Advanced Boiling Water Reactor(ABWR), which is a leading-edge nuclear power plant technology with already proven records of performance, reliability and operation in Japan. The group also is capable of utilizing Westinghouse AP1000(TM) technology, the leading-edge passively cooled nuclear technology.
Toshiba and Shaw would provide design, engineering, procurement and construction while Exelon would provide operations and related services for the projects.
"Shaw, Toshiba and Westinghouse are working collaboratively with customers to build four nuclear units in China and six new nuclear units in the U.S., the first contracts awarded in the U.S. in nearly 30 years for new nuclear power plants," said J.M. Bernhard Jr., Shaw's chairman, president and chief executive officer. "The addition of Exelon, which operates the largest nuclear power fleet in the United States, creates a team that is unmatched in its ability to offer a portfolio of technology, construction and operations in Saudi Arabia."
The Saudi government recently stated its commitment to the research and funding of commercial nuclear power. In April, King Abdullah issued a royal order establishing the King Abdullah City for Nuclear and Renewable Energy, a high-level organization that will oversee all aspects of a nuclear power industry in Saudi Arabia. Shaw currently is working in Saudi Arabia, performing a three-phase study to define and recommend operational improvements at 53 power plants throughout the Kingdom.
For any U.S. company to engage in civilian nuclear cooperation with Saudi Arabia, the U.S. and Saudi Arabian governments must negotiate a framework agreement that meets specific requirements under Section 123 of the Atomic Energy Act, followed by U.S. congressional review of the agreement. Execution of any business arrangements for a Japanese company with a Saudi Arabian entity is also subject to the future conclusion of an Agreement for Cooperation between Japanese and Saudi Arabian governments concerning Peaceful Uses of Nuclear Energy.
The Shaw Group Inc. (NYSE:SHAW) is a leading global provider of engineering, construction, technology, fabrication, remediation and support services for clients in the energy, chemicals, environmental, infrastructure and emergency response industries. A Fortune 500 company with fiscal year 2009 annual revenues of $7.3 billion, Shaw has approximately 28,000 employees around the world.
Toshiba (TOKYO: 6502) is a world leader and innovator in pioneering high technology, and a diversified manufacturer and marketer of advanced electronic and electrical products spanning information & communications systems; digital consumer products; electronic devices and components; power systems, including nuclear energy; industrial and social infrastructure systems; and home appliances. Toshiba was founded in 1875, and today operates a global network of more than 740 companies, with 204,000 employees worldwide and annual sales surpassing 6.3 trillion yen (US$68 billion).
Exelon Nuclear Partners (ENP) is a division of Exelon Generation Company, LLC, operator of the largest nuclear power fleet in the United States, the third largest in the world, consisting of ten sites with 17 reactors. Exelon Generation produces or contracts for more than 33,000 megawatts of electricity annually, most of it from nuclear energy. ENP was created to offer Exelon's industry-leading nuclear generation experience to other nuclear operators and those looking to develop new nuclear capabilities. ENP draws on the talent and expertise of Exelon Corporation (NYSE: EXC), one of the largest energy companies in the United States, serving more than 5.4 million customers.
Westinghouse Electric Company, a group company of Toshiba Corporation (TKY: 6502), is the world's pioneering nuclear energy company and is a leading supplier of nuclear plant products and technologies to utilities throughout the world. Westinghouse supplied the world's first PWR in 1957 in Shippingport, Pa. Today, Westinghouse technology is the basis for approximately one-half of the world's operating nuclear plants, including 60 percent of those in the United States.
Published 12/07/2010
Find out more about:
The Shaw Group Inc. »
Toshiba »
Exelon Nuclear Partners »
Westinghouse »
Search for more News
