Adel al-Jubeir
Adel al-Jubeir Reuters

Saudi Arabia plans to transition to nuclear energy, Saudi Foreign Minister Adel al-Jubeir told CNBC at the Munich Security Conference.

According to al-Jubeir, Saudi Arabia is discussing the plans with "roughly 10 countries or so around the world, and we have not made a decision yet with regards to which path we will take and which country we will be focusing on more."

The plan, he says, aims "to produce energy so that we can save the oil and export it in order to generate revenue."

"Our objective is we want to have the same rights as other countries," he added.

The country, which has its own uranium deposits, is currently seeking a contractor for its first nuclear power project, which will include two nuclear reactors.

According to Yonhap, South Korea's Energy Ministry said the country would work to submit a proposal for the deal, and has met with both state utility companies to design an effective strategy. Saudi Arabia is scheduled to select a contractor by the end of 2018.

Later stages of the Saudi plan include building an additional 14 nuclear reactors, for a total cost of more than $80 billion over the course of 25 years.

The country will be required to sign a declaration of peaceful intent.