Korean firm wins $42 mil. deal for UAE power plants

Eugene Corp., a South Korean construction firm, has won a US$42 million deal to supply ready-mix concrete for construction of four nuclear plants in the United Arab Emirates.

Last year, a consortium led by the state-run Korea Electric Power Corp. (KEPCO) won a $20 billion project to build the plants in Braka, some 270 kilometers west of the UAE capital of Abu Dhabi. The first of the 1,400 megawatt reactors is to come on line in 2017 with the others following by 2020.

Eugene said Friday it has set up its affiliate in the UAE, dubbed Eugene Corp. Ltd. Abu Dhabi, for the project. Eugene also said it will build a plant for ready-mix concrete.

Shares of Eugene were trading at 4,150 won on the Seoul bourse as of 9:50 a.m., up 7.81 percent.

The consortium includes Hyundai Engineering & Construction., Samsung C&T Corp., Doosan Heavy and Engineering Co., the U.S. firm Westinghouse Electric Co. and Japan's Toshiba Corp.