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 KEPCO would begin exclusive talks with the
UAE next year to build four nuclear plants to be completed by
2021, in addition to an existing deal for four reactors, aiming
to conclude negotiations by the end of next year.
A KEPCO deal for an additional four nuclear power plants in
the UAE, taking the total to eight, would cement its reach in
the Middle East market.
Kim said the state-run utility would start construction on
an initial four nuclear power plants on July 1, advancing the
start date by four months, pending regulatory approval by June
30, with completion scheduled for 2017-2020.
“As far as I know, the UAE has not held talks with other
countries,” Kim said, referring to the prospective deal. “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 four reactors to
a consortium of Korean companies led by KEPCO in December 2009.
Emirates Nuclear Energy Corp (ENEC) said at the time that the
KEPCO team would design, build and help operate four
1,400-megawatt nuclear power units, putting the value of
construction, commissioning and fuel loads at about $20 billion.
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