By Meeyoung Cho
SEOUL, April 3 (Reuters) – Korea Electric Power Corp (KEPCO)
said it will begin talks next year with the United
Arab Emirates on a new deal for four nuclear power plants, and
plans to spend 800 billion won ($706.06 million) this year on
overseas resources development including acquisitions.
President and Chief Executive Kim Joong-kyum told reporters
late on Monday that the state-run utility would start
construction on four nuclear power plants in the UAE on July 1,
advancing the start date by four months, pending regulatory
approval by June 30, with completion scheduled for 2017-2020.
KEPCO would also begin exclusive talks with the UAE next
year on a deal to build four additional nuclear plants to be
completed by 2021, he said, aiming to conclude negotiations by
the end of next year.
“As far as I know, the UAE has not held talks with other
countries,” Kim said, referring to the potential deal for four
additional reactors. “Our efficiency will increase as we build
the first four. We will achieve cost competitiveness if the same
type of reactor is chosen … we can shorten construction time,
meaning earlier returns on investment.”
“KEPCO has also been in talks with India, Kazakhstan, South
Africa, Turkey and Vietnam over possible reactor exports,
although any deals are unlikely to be signed this year,” he
said.
Oil-exporting UAE awarded the contract for the first four to
a consortium of Korean companies led by KEPCO in December 2009.
At that time, Emirates Nuclear Energy Corp (ENEC) said the KEPCO
team would design, build and help operate four 1,400-megawatt
nuclear power units, and put the value of the contract for
construction, commissioning and fuel loads at about $20 billion.
ENEC said last month that it hoped to start construction on
the first plant in the fourth quarter, if regulatory approval
was received by the third quarter.
OVERSEAS ASSETS
Continued…
