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Russia Proposes 'VVER' Reactors for First Saudi Nuclear Power Plant

The logo of Rosatom Corp. is pictured at the World Nuclear Exhibition (WNE), the trade fair event for the global nuclear community in France, on June 26, 2018. REUTERS/Benoit Tessier/File Photo
The logo of Rosatom Corp. is pictured at the World Nuclear Exhibition (WNE), the trade fair event for the global nuclear community in France, on June 26, 2018. REUTERS/Benoit Tessier/File Photo
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Russia Proposes 'VVER' Reactors for First Saudi Nuclear Power Plant

The logo of Rosatom Corp. is pictured at the World Nuclear Exhibition (WNE), the trade fair event for the global nuclear community in France, on June 26, 2018. REUTERS/Benoit Tessier/File Photo
The logo of Rosatom Corp. is pictured at the World Nuclear Exhibition (WNE), the trade fair event for the global nuclear community in France, on June 26, 2018. REUTERS/Benoit Tessier/File Photo

Moscow looks forward to expanding the horizons of Russian-Saudi cooperation in nuclear technology, especially in designing and building peaceful atomic power plants in the Kingdom, Rosatom State Nuclear Energy Corporation revealed to Asharq Al-Awsat.

"VVER" nuclear reactors - 'water-water energy reactor' - are a crucial product that Rosatom offers in its bidding portfolio, said Alexander Voronkov, CEO of ROSATOM Regional Center in the Middle East and Northern Africa region.

Voronkov added that Russia has proposed installing the hydro energy reactors to the first nuclear power plant Saudi Arabia plans to build in coming years.

Speaking to Asharq Al-Awsat, the Rosatom CEO confirms that the Russian reactor has withstood the test of time and has been developed since 1955.

To date, no VVER-equipped power plant has registered any serious mishap, which favors the technology when compared to its many competitors in the international market, explained Voronkov.

Since October 2017, Rosatom has been engaged in competitive talks for helping establish Saudi Arabia's first nuclear power plant.

In December 2017, Rosatom and the King Abdullah City for Atomic and Renewable Energy signed a roadmap for cooperation in the peaceful use of nuclear energy.

Voronkov pointed out that Rosatom is involved in nuclear power plant construction projects in 12 countries worldwide, including Turkey and Egypt.

He added that a focus on Russian projects with VVER-1200 reactors offers safety that is of particular importance to countries new to the nuclear industry, such as Saudi Arabia.

"Our gained experience allows us to support the client at any stage of the implementation of any nuclear project," affirmed Voronkov, noting that the construction of a nuclear power plant constitutes a complex, comprehensive, and multifaceted task.

According to Voronkov, Rosatom can help with several areas such as design and construction, refueling, operation and maintenance services, modernizing generating units, educating and training staffers, and raising the level of public acceptance of nuclear energy.

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Business

Iraq Raises June Basrah Medium Crude Price to Asia to $4.30 a Barrel

Flames emerge from flare stacks at Nahr Bin Umar oil field, north of Basra, Iraq March 9, 2020. (Reuters)
Flames emerge from flare stacks at Nahr Bin Umar oil field, north of Basra, Iraq March 9, 2020. (Reuters)
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Iraq Raises June Basrah Medium Crude Price to Asia to $4.30 a Barrel

Flames emerge from flare stacks at Nahr Bin Umar oil field, north of Basra, Iraq March 9, 2020. (Reuters)
Flames emerge from flare stacks at Nahr Bin Umar oil field, north of Basra, Iraq March 9, 2020. (Reuters)

Iraq has raised the June official selling price for Basrah Medium crude oil to Asia to $4.30 a barrel against the average of Oman/Dubai quotes from the May OSP of $17.30 a barrel, state-owned Iraqi oil marketer SOMO said on Sunday.

Basra Heavy to Asia in the same month was priced at $2.20 a barrel to Oman/Dubai quotes, from $15.20 a barrel set for May.

Iraq has offered term buyers May-loading Basrah crude at steep discounts for loading inside the Strait of Hormuz, which has been largely blocked since ‌the Iran conflict began.

The OPEC producer is offering its flagship Basrah Medium crude at discounts of $33.40, or $26 a barrel to its May official selling price, for loading on May 1 to May 10 or May 11 to May 31, ⁠respectively, according to a May 3 notice from state oil marketer SOMO seen by Reuters.

It also offered May-loading Basrah Heavy crude at a discount of $30 per barrel to the May OSP, the document showed.

The cargoes are sold on a free-on-board basis at the Basrah Oil Terminal or Single Point Moorings, both located inside the Strait of Hormuz.

The OSP is determined ‌on ⁠the final destination of the cargoes, it said.

The discounts underscore mounting pressure on Iraqi crude exports as shipping risks persist in the waterway, a ⁠critical artery for global oil flows.

Iraqi crude exports, which averaged 3.33 million barrels per day in 2025, are mostly shipped to Asia, ⁠Kpler data showed.

In April, only two vessels loaded at Iraq's Basra port, one of them has past the Strait ⁠of Hormuz while the other one has not been out, according to Kpler.

Business

Qatari LNG Tanker Crosses Strait of Hormuz

The Qatari ‘Al Kharaitiyat’ tanker, which loaded at the Ras Laffan export plant (X) 
The Qatari ‘Al Kharaitiyat’ tanker, which loaded at the Ras Laffan export plant (X) 
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Qatari LNG Tanker Crosses Strait of Hormuz

The Qatari ‘Al Kharaitiyat’ tanker, which loaded at the Ras Laffan export plant (X) 
The Qatari ‘Al Kharaitiyat’ tanker, which loaded at the Ras Laffan export plant (X) 

A tanker carrying liquefied natural gas (LNG) from Qatar appears to have transited the Strait of Hormuz, marking the country’s first export out of the region since the Iran war began.

The Al Kharaitiyat, which loaded at the Ras Laffan export plant earlier this month, exited the strait and is in the Gulf of Oman, ship-tracking data compiled by Bloomberg shows.

The vessel lists Pakistan as its next destination, according to the data.

The ship is navigating the Tehran-approved northern route and has sailed past Larak Island, according to the tracking data.

The London Stock Exchange Group (LSEG) shipping data showed that Qatari LNG tanker Al Kharaitiyat was sailing towards the Strait of Hormuz on Saturday after departing Qatar's Ras Laffan en route to Port Qasim in Pakistan.

A successful passage would mark the first transit by a Qatari LNG tanker through the strait since the start of the war on Iran.

The LNG is being sold by Qatar to Pakistan - a mediator in the war - under ⁠a government-to-government deal, two people familiar with the matter told Reuters. They said Iran had approved the shipment to help build confidence with Qatar and Pakistan.

Pakistan has been in discussions with Iran to allow a limited number of LNG tankers to pass through the strait, as Islamabad urgently needs to address its gas shortage, a source briefed on the agreement told Reuters.

Iran agreed to assist, and the two sides are coordinating the first vessel's safe passage carrying gas ‌supplied ⁠under Pakistan's agreement with Qatar, its main LNG supplier, the source added.

The vessel, managed by Nakilat Shipping Qatar Ltd and sailing under the Marshall Islands flag, has a cargo capacity of 211,986 cubic meters, according to LSEG data.

Iran's Revolutionary Guards halted two Qatar ⁠LNG tankers, Al Daayen and Rasheeda, that had been heading towards the Strait of Hormuz on April 6 and instructed them to hold position without explanation, a source told Reuters ⁠at the time.

Qatar is the world's second-largest exporter of LNG, with shipments mostly going to buyers in Asia. Iranian attacks knocked out 17% of Qatar's ⁠LNG export capacity, with repairs expected to sideline 12.8 million tons per year of the fuel for three to five years.

 

Business

Gold Falls on Oil-driven Inflation Worries as US–Iran Peace Talks Falter

Gold supports some stablecoins (Reuters)
Gold supports some stablecoins (Reuters)
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Gold Falls on Oil-driven Inflation Worries as US–Iran Peace Talks Falter

Gold supports some stablecoins (Reuters)
Gold supports some stablecoins (Reuters)

Gold prices fell on Monday, as a lack of progress in US–Iran peace negotiations pushed oil prices higher, fueling concerns that elevated inflation could keep interest rates higher for longer.

Spot gold fell 0.8% at $4,678.39 per ounce, as of 0407 GMT. US gold futures for June delivery lost 0.9% at $4,686.20, said Reuters.

The dollar rose, making greenback-priced bullion more expensive for holders of other currencies.

US ‌President Donald Trump ‌on Sunday rejected Iran's response to a ‌US ⁠proposal for peace ⁠talks, dashing hopes for an imminent end to the 10-week-old conflict that has caused widespread damage in Iran and Lebanon, paralyzed maritime traffic in the Strait of Hormuz, and driven up global energy prices.

"We're essentially seeing an unwinding of hopes for an imminent (peace) deal, and gold is feeling the pinch from the renewed rise ⁠in crude prices," said Tim Waterer, chief ‌market analyst at KCM Trade.

Oil prices ‌jumped as the Strait of Hormuz remained largely closed, keeping global energy ‌supplies tight.

Rising crude oil prices risk pushing inflation higher, increasing ‌the prospects of elevated interest rates. While gold is traditionally seen as a hedge against inflation, high interest rates tend to weigh on the non-yielding asset.

The ongoing war with Iran and its shock ‌to oil prices and supplies have rocketed to the top of the list of concerns ⁠for financial stability, ⁠according to a semi-annual Federal Reserve report released on Friday.

Investors are now looking out for April's US Consumer Price Index data, due later this week, for further clues on the Fed's monetary policy direction.

Meanwhile, China's gold production fell in the first quarter of 2026 from a year earlier, the China Gold Association said on Saturday, as safety inspections led some smelters to suspend production for maintenance.

"In the near-to-medium term, the $4,400 to $4,800 range still looks firmly in play while we remain in this ceasefire-without-a-peace-deal stalemate," Waterer added.

Spot silver rose 0.4% at $80.61 per ounce, platinum slid 0.7% to $2,041.66, and palladium was down 0.6% at $1,482.46.