Saudi Arabia-based Al Hassan Ghazi Ibrahim Shaker has signed a memorandum of understanding (MoU) with LG Electronics on Tuesday, 3 March, said the company's bourse statement. 

The memorandum aims to start negotiations and discuss cooperation between the two companies to provide cooling solutions for the advanced power reactors of nuclear power plants to be built in Saudi Arabia.

This accord has a duration of two years starting from 3 March, 2015. It may expire as soon as the two parties sign the supply contract.