By Kim Tae-gyu
Staff Reporter
Korea is looking to dole out more contracts on nuclear energy exports in the Middle East and its vicinity after signing a deal amounting to tens of billions of dollars.
Late last month, the Korea Electric Power Corp. (KEPCO) reached a $20 billion agreement to build nuclear power plants in the United Arab Emirates (UAE), the biggest-ever energy deal awarded in the Middle East.
Other contracts are about to come up and some have already been signed.
Midway through last week, under alliance with a domestic construction firm, the Korea Atomic Energy Research Institute won the bid to build a research and educational reactor in Jordan.
The Ministry of Knowledge Economy, which oversees the nation’s nuclear industries, hopes that the export of a nuclear reactor for research to the UAE will also be possible in the not-so-distant future.
The research-oriented nuclear reactor is valued at around $200 million, or 5 percent of the commercial one, but experts point out that it could lead to contracts for expensive power-generation facilities later.
On top of research reactors, more outbound shipments of commercial reactors similar to those bound for the UAE, seem due.
Chung Kun-mo, an adviser to KEPCO, told Bloomberg Wednesday that the state-run utility company is in talks with several countries to build nuclear-power plants.
"We’re in serious talks with Turkey, Jordan and Malaysia, and we’ve attracted China’s and India’s interest. There are many countries knocking on our door. Even Kenya is interested,’’ Chung said.
Vice Minister of Knowledge Economy Kim Young-hak, who is currently visiting the UAE, confirmed that the negotiations are underway with a pair of countries regarding nuclear power plants.
"The deal with the UAE demonstrated that Korea has an edge in nuclear plants not only in prices but also technologies and facility capabilities. Hence, many could import our expertise,’’ professor Hwang Joo-ho at Kyung Hee University said.
"India and China would be the immediate target countries for us. Over the long haul, the United States would be the eventual battlefield where our entities should show their competitiveness’’
Korea aims to garner $400 billion in nuclear plant deals by 2030. Toward that end, Hwang said that the country will be required to build up a tailor-made platform.
"Foreign players such as Areva SA of France are geared toward just exports of the nuclear power plants. We also need companies oriented to overseas deals,’’ Hwang said.