Seeks new opportunities in overseas markets while taking on challenges with enterprising spirit
Kim Bum-nyun (6th from left), president of KEPCO KPS poses for a commutative photo shoot with Mark Reddemann (7th from left), CEO of Nawah, Nasser Al Nasseri (6th from right), president of BOC, Park Young-kyu (5th from right), an official of the Korean Embassy in the UAE and others from domestic and foreign organizations in the opening ceremony of the KEPCO KPS UAE Division in Barakah of the UAE on Jan. 28. (Photo: KEPCO KPS)
KEPCO KPS, a leading power facility maintenance company, began providing services for power plant maintenance in accordance with the Long Term Maintenance Service Agreement (LTMSA) by holding the opening ceremony of the KEPCO KPS UAE Division in Barakah of the UAE on Jan. 28.
KEPCO KPS set up the KEPCO KPS UAE Division with a more streamlined organization and working system.
The Korea Hydro & Nuclear Power-KEPCO KPS Consortium signed a nuclear power plant maintenance service contract with the UAE nuclear power plant operator Nawah Energy Company in June of 2019.
“We will realize the localization of equipment for the UAE nuclear power plant with the opening of the KEPCO KPS UAE Division in the UAE and support the stable operation of BNPP Nuclear Power Plant,” said Mark Reddemann, CEO of Nawah. “My wish is that both Team UAE and Team Korea will enjoy big success in the project and create more opportunities together for a better future.”
“The UAE headquarters opened today will not only serve as a bridge for technology exchanges in power generation between Team Korea and Nawah, but will also serve as a control tower for the thorough implementation of the UAE nuclear power plant maintenance project,” he said.
“We will boost the performance and safety of the power plant’s facilities and equipment by abiding by Nawah’s nuclear policies and standards,” said president Kim Bum-nyun of KEPCO KPS.
In the meantime, KEPCO KPS plans to support the successful completion and early stabilization of BNPP Nuclear Power Plant through the establishment of its UAE headquarters.
These days, KEPCO KPS is zeroing in on export for the purpose of discovering and developing mid- to long-term growth engines.
The Moon Jae-in administration’s nuclear phase out policies and the saturation of the power generation industry in Korea are leading KEPCO KPS turning eyes to developing new overseas markets rather than staying in the domestic market.
KEPCO KPS is pioneering new overseas markets while focusing on creating new growth engines and improving management. “KEPCO KPS has to go global as the growth of the domestic power generation industry has been slowing down,” Kim told reporters recently.
“In the overseas business, we will continue to land orders for long-term large-scale thermal power plant operation and maintenance (O&M).”
KEPCO KPS is penetrating emerging markets such as Uruguay, Pakistan, Algeria and Morocco. KEPCO KPS has been engaged in long-term O&M projects in Asia and Africa markets such as India, Pakistan, Jordan and Madagascar.
Recently, the company has been stepping up its efforts to develop overseas markets such as Latin America, becoming in charge of an O&M project in Uruguay.
In December last year, the company was designated as operate of an O&M project on Tigre Combined Cycle Power Plant in Uruguay for eight years. Hence, the company will earn about 17 billion won by running the power plant for eight years.
In September of the same year, KEPCO KPS signed a 16.5-billion-won O&M contract with HZL for Dariba Thermal Power Plant in Udaipur, India.
Prior to this, in 2018, Lucky Electric Power Co. Ltd (LEPCL) gave KEPCO KPS a coal-fired power plant O&M project.
Through the deal, KEPCO KPS will provide services for the operation and maintenance of a 660MW coal-fired power plant for 10 years and eight months (including optional 3 years) from 2020.
“KEPCO KPS has strengthened its position in Pakistan, such as FPCDL president’s visit to KEPCO KPS to discuss Pakistan’s plans to advance into new power plants,” Kim said.
“We will enter the maintenance market and lead innovation growth with our world-class technology.” FPCDL stands for Foundation Power Co., Daharki Ltd. in Pakistan.
“We will increase the proportion of new growth business from 20 percent to 32 percent,” Kim added. “We will secure future growth engines while diversifying new businesses and pursuing innovative growth.”