Korea Gets UAE Nuclear Plants Project
Korea Gets UAE Nuclear Plants Project

United Arab Emirates, in a highly competitive bidding process, has awarded its landmark nuclear power project to a Korean-led consortium on Sunday, which is aimed to build four nuclear reactors in UAE for ensuring its long term energy security.

A Korean consortium led by Korea Electric Power Corp (Kepco) watched stiff competition from Asian, French and US bidders for marking the first ever international deal in Asia with the help of Samsung and Hyundai business groups and Toshiba Corp’s unit Westinghouse Electric Co.

The successful deal makes a diplomatic win for the South Korean President Lee Myung-bak who is on his State visit to UAE, possibly, for building consensus to bag the prestigious contract. The move has been seen as a stepping stone for the South Korean global nuclear business which is, by and large, dominated by French, Japanese, U. S. and Russian companies.

Hailing the $40 billion deal, the U. A. E. President Sheikh Khalifa bin Zayed al Nayan said that it would help to strengthen strategic partnership between two nations.

Mohamed al-Hammadi, Chief Executive of the Emirates Nuclear Energy Corporation added, "We were impressed with the Kepco team's world-class safety performance, and its demonstrated ability to meet the UAE program goals."