Korean companies yesterday won one of the world's largest nuclear power plant deals, estimated to be worth $40 billion, in the United Arab Emirates.
Korea Electric Power Corp. and Emirates Nuclear Energy Corp. signed a $20 billion deal to build four nuclear power plants by 2020. It would generate additional $20 billion contract for operation and maintenance for 60 years, Seoul officials said.
The deal marked the first export of Korea's commercial nuclear power plants. It would offer a critical bridgehead for its forays into the global atomic power generation market, projected to grow to more than $850 billion by 2030.
The contract was signed at the end of a summit between Presidents Lee Myung-bak and Sheikh Khalifa bin Zayed al-Nahayan.
Lee arrived in the emirates on Saturday for a two-day visit to support Korea's bid for the Gulf Arab world's first civilian nuclear reactors.
The KEPCO-led consortium includes Hyundai Engineering and Construction, Samsung C&T Corp., Doosan Heavy Industries as well as Westinghouse Electric Co. of the United States and Toshiba Corp. of Japan.
The group beat a French team led by industry leader Areva and a General Electric-Hitachi alliance.
"With the signing of the UAE contract, the country has realized its hope to become an energy-exporting nation," Cheong Wa Dae said.
Korea has the world's sixth-largest atomic power generation capacity. The nation operates 20 nuclear reactors to provide 40 percent of its power needs and plans to build eight more plants.
Though a relative newcomer to the international market, Korea is recognized for its cost-effectiveness, safety, technological know-how and quick construction, officials said.
Korea offered the reactor design known as the Advanced Pressurized Reactor 1400, used to build two reactors at home. "The country has now secured a stepping stone for its advance into the fast-growing international market for nuclear power plants," Lee Dong-kwan, the president's top public relations secretary told reporters.
Currently about 430 nuclear reactors are in operation in 31 countries, but the world is estimated to need an additional 1,000 reactors by 2050 while most of its petroleum reserves are expected to dry up within the next 50 years, he added.
During the summit, the two countries agreed to enhance cooperation in trade, renewable energy, peaceful nuclear power and green growth.
"The leaders also agreed to continue developing the relationship between the countries into a strategic partnership to help ensure their joint development in the future," Cheong Wa Dae said.
Lee expressed gratitude to Khalifa for selecting the KEPCO consortium. The UAE president accepted Lee's invitation to visit Seoul at an appropriate time.
After the summit, Korean Knowledge and Economy Minister Choi Kyoung-hwan and UAE Foreign Minister Abdullah Bin Zayed al-Nahayan signed an agreement for an enhanced economic partnership.
Two-way trade between the two countries increased by more than 50 percent last year.
Korea's major export items to the UAE include automobiles, mobile phones and electronic appliances. Korean firms are active in infrastructure construction in the Emirates. The UAE's major shipments include crude petroleum, naphtha and LPG.
Korean officials have actively engaged in lobbying for the nuclear deal. Foreign Minister Yu Myung-hwan met with the UAE's Crown Prince Sheikh Mohammad bin Zayed Al Nahyan during his visit to the Emirates on Nov. 4. Former Prime Minister Han Seung-soo also visited Abu Dhabi in June to sign an agreement to transfer commercial nuclear technology for more than 20 years.
Source : http://www.depthai.go.th