Korea Electric Power Corp. (KEPCO) has intensified efforts to ramp up a cooperative partnership with the United Arab Emirates following the latest Korea-UAE summit talks.
KEPCO struck an MOU on new nuclear power technology, AI and global market cooperation partnership with Emirates Nuclear Energy Company (ENEC) at the Presidential Palace of the UAE on Nov. 18, with the leaders of both countries in attendance.
KEPCO agreed with ENEC to strengthen cooperative ties through joint evaluations of SMRs, information exchanges on next-generation nuclear power technologies, such as the use of AI in nuclear power, manpower development, and joint research and promote mutual benefits through joint advancement into the global nuclear market.
The deal takes on significance since both countries have agreed to further evolve their already friendly relationship through cooperation on future nuclear power sector projects.
The two countries are expected to further raise their nuclear power export competitiveness by providing new business opportunities to the nuclear power industries of both sides, and jointly advance the global nuclear power market based on the success story of the Barakah Nuclear Power Plant in the UAE.
KEPCO President & CEO Kim Dong-cheol had a separate meeting with ENEC CEO Mohamed Al Hammadi, where they shared views on detailed ways of jointly entering the global nuclear market.
During the meeting, KEPCO President Kim disclosed his willingness toward joint market entry in third-party countries, saying now is the time for both companies to devote themselves to exploring global partnerships.
President Kim took time out with his counterpart to explore practical ways of promoting cooperation to jointly advance nuclear power projects into other countries.
ENEC CEO Mohamed Al Hammadi said the global nuclear sector has entered a new era and jointly exploring cooperation opportunities will create greater mutual values through both countries’ partnership.
In 2009, KEPCO was awarded a nuclear power project in the UAE, in what was Korea’s first overseas nuclear industry export project.
It called for the construction of four Korean-made nuclear power reactor APR1400 units in the Barakah area of the UAE.
With the fourth unit, which entered into commercial operation in September 2024, all four nuclear power units have been successfully put into operation, and the project has been recognized globally for its safety record, top-tier operation efficiency, and for being a representative example for large-sized nuclear power generation.
KEPCO’s successful implementation of the Barakah Nuclear Power Plant has proved the excellent safety record of Korea’s export reactor APR1400 globally and its nuclear power export capabilities, and it is expected to have a positive impact on Korea’s follow-up nuclear power exports.
KEPCO Likely to Bid for 40 Trillion Sinop Nuclear Power Project in Türkiye
Korea Electric Power Corp. is predicted to jump into the bidding race for the proposed Sino Nuclear Power Project, following the recently-held Korean-Turkish summit talks.
Since a Japanese consortium withdrew from the project, citing feasibility in the past, KEPCO plans to make an approach with caution to secure profitability on conditions of government support.
On the sidelines of summit talks at the Turkish presidential office on Nov. 24, KEPCO signed an MOU on cooperation on nuclear power with Türkiye’s TUNAS nuclear energy company, with the leaders of both countries in attendance.
The MOU contains a roadmap for the practical implementation of the project.
Both sides agreed to lay a cooperation foundation for the entire cycle for the nuclear power project, including Türkiye’s formalization of the new nuclear project development and project site evaluation; nuclear power technology and regulation; permits and license exchanges; and the establishment of localization strategies.
To this end, the two countries plan to launch detailed working-level negotiations by forming a joint working group responsible for evaluating the site of the Sinop project.
A core part of the bidding race is risk management. KEPCO President Kim Dong-cheol met with Alparslan Bayraktar, the Minister of Energy and Natural Resources of Türkiye, on Nov. 25 and had in-depth discussions on the schedule of the implementation of the proposed Sinop Nuclear Power project and conditions of the project.
At that time, President Kim said Türkiye’s government support is essential since a huge fund is required for the Sino project for a long-time period.
He was believed to have demanded a precise safety tool concerning the project’s funds amid raw material price hikes and high interest rates.
President Kim expressed confidence, saying that KEPCO will be an optimal partner of the Sino project on the back of successfully achieving the UAE nuclear power project.
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