South Korea expressed its intention to bid in the upcoming nuclear reactor project in Saudi Arabia and discussed ways to expand cooperation in the energy sector in a bilateral business meeting, Seoul's energy ministry said Thursday.

Paik Un-gyu, South Korean minister of trade, industry and energy met with Adel bin Muhammad Fakeih, Saudi Arabian minister of economy and planning, to discuss ways to cooperate on the commercial nuclear program being pursued by Riyadh.

The kingdom officially launched a renewable energy program this year, which includes plans to build two nuclear reactors by 2030 to diversify its energy mix. It is expected to announce the bid by the end of year.

The upcoming project is seen by South Korea as a second chance to get involved in the Middle East nuclear energy sector, following a $20-billion contract in 2009 to build four reactors in the United Arab Emirates (UAE).

Paik stressed that South Korea has 40 years of nuclear reactor development and operation expertise and shared the government's plan to support overseas projects.

The Seoul government has vowed to support local companies' bids to export nuclear reactors overseas, in a move to ease concerns that the domestic nuclear phase-out plan could adversely affect efforts to newly secure contracts.

Their meeting was held on the sidelines of a two-day business forum aimed at promoting business ties, which was attended by 300 Korean businesspeople and 120 Saudi officials and entrepreneurs.

The Saudi business delegation made the visit to discuss ways to expand ties in the energy, shipbuilding, infrastructure and other sectors.

In May, the two nations formed a joint working group to help Saudi Arabia achieve its "Vision 2030," which is intended to reduce the kingdom's dependence on oil and develop other industrial sectors.

The move came as the oil-rich country has been seeking to diversify its economic portfolios following a plunge in oil prices. Saudi Arabia sees auto manufacturing, shipbuilding, renewable energy and other areas as new growth drivers.

In July, Hyundai Heavy Industries Co., signed a memorandum of understanding with Saudi Aramco to make an engine and marine pump manufacturing facility, which will be at the site of a $5.2 billion shipyard which Aramco and partners plan to build on the kingdom's east coast.

South Korean petrochemical company SK Global Chemical Co. and Saudi Basic Industries Corp. have formed a joint venture to produce polyethylene products. The project estimated at about $640 million aims to begin commercial production in 2021.

A consortium led by Daewoo Engineering & Construction Co. is working on detailed plans to build a new city located east of the airport in Riyadh. In March 2016, the consortium signed a memorandum of understanding with the Saudi government for the housing project. (Yonhap)