Washington, July 23 -- U.S. Secretary of Energy Chris Wright and Saudi Minister of Energy Abdulaziz bin Salman signed a peaceful nuclear cooperation agreement, commonly known as a 123 agreement, alongside an accompanying bilateral safeguards agreement, according to the U.S. Department of Energy in a statement.

"Together, these two agreements lay the legal foundation for a decades-long, multi-billion-dollar partnership that advances several priority economic and strategic objectives, including nuclear nonproliferation," as per the statement posted on X.

The 123 agreement provides great access for American companies in the Saudi nuclear energy program, benefiting American industry, workers, and supply chains while helping to meet Saudi en...