In a move that could strengthen the presence of Korea in the Gulf region, a consortium led by Korea Electric Power Corporation (KEPCO) bagged a USD20 billion tender for constructing nuclear power plants in UAE, beating rivals GE, Hitachi and France based Areva in a very stiff competition.
ENEC Chairman Khaldoon al-Mubarak said, “(The country) has determined that the Korea Electric Power Corporation (KEPCO) team is best equipped to fulfill the government's partnership requirements in this ambitious program."
The Korean consortium would build four Generation-3 APR-1400 reactors. The first of the 4 units would be operational in 2017, while remaining three would be completed by 2020. However, the exact sites for setting up nuclear units are yet to be finalized. Korean companies are expected to get additional contracts worth $20 billion in addition to the nuclear project for running the reactor for a long period.
The Emirates Nuclear Energy Corporation (ENEC) said that the deal would enable some Korean investors to hold some equity investment of undisclosed amount in the project.
ENEC communications Director Padraic Riley added that more nuclear power projects would be developed but firms for awarding new contract would be decided on later stages.
- Postage Prices will Decrease from Sunday; USPS not too Happy About It
- Marriott and Starwood Hotels & Resorts Worldwide Inc Shareholders Approve to $14.41 Sales Deal
- UK plan to impose additional tax on sugary drinks
- Obesity during pregnancy may increase risk of very ‘large babies’
- Dropping Sales at Gap’s Key Brands hurt the Company’s Shares