Yoon reveals hopes for another nuclear project with UAE

President Yoon Suk Yeol and his United Arab Emirates counterpart Sheikh Mohammed bin Zayed Al Nahyan, front row fourth from right, pose for a photo during their visit to the Barakah Nuclear Power Plant in Abu Dhabi, Monday (local time). Yonhap

Korean president also advances cooperation in carbon neutrality

By Nam Hyun-woo

ABU DHABI ― President Yoon Suk Yeol and United Arab Emirates (UAE) President Sheikh Mohammed bin Zayed Al Nahyan visited the Barakah Nuclear Power Plant in Abu Dhabi, Monday, which has become the symbol of the two countries' partnership.

"The Barakah Nuclear Power Plant has a symbolic meaning representing the special strategic partnership between Korea and the UAE," Yoon said. "As Team Korea showcased the country's capabilities in the nuclear power industry, now is the time for both Korea and the UAE to join hands to create additional nuclear power partnerships in the UAE and other countries, with the success of the Barakah plant."

The UAE president said, "Workers from the UAE, Korea and other countries have made efforts to complete the third reactor of the plant." He added that he is "proud of the plant which will enhance the UAE's clean energy portfolio and suggest a global standard in nuclear power projects."

Along with the two presidents, the UAE's Deputy Prime Minister Mansour bin Zayed bin Sultan Al Nahyan also participated in the event.

Yoon's visit to the Barakah plant came a day after the UAE announced $30 billion worth of investments in Korea, which the UAE leader said is "an expression of trust in Korea, which keeps its promise under any circumstance," referring to the Barakah plant.

The Barakah plant is the first nuclear power station that Korea built overseas. It is also the first nuclear power plant built in the Middle East.

In 2009, Korea Electric Power Corp. (KEPCO) and the UAE's Emirates Nuclear Energy Corp. signed an $18.6 billion deal to construct the plant, which houses four Korea-developed ARP-1400 reactors.

KEPCO was the main service provider, while Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, Hyundai E&C, Samsung C&T and a number of other Korean firms also participated in the project, which was constructed within the promised budget and deadlines. As a result, the power plant is also known as the "miracle in the desert."

Two of the reactors are now in commercial operation. The third one is set to be operational soon, while the fourth one will be completed within next year.

Currently, the two reactors meet 60 percent of Abu Dhabi's electricity demand, and 15 percent of the energy needs of the entire UAE. When all four reactors go into operation, they will provide 25 percent of the UAE's electricity.

For Korea, the Barakah plant became a launch pad for nuclear exports. Last year, KHNP won a 3 trillion won ($2.4 billion) contract from Egypt's El Dabaa nuclear power plant project, and signed a letter of intent to build Poland's second nuclear power plant.

President Yoon Suk Yeol watches SK Group Chairman Chey Tae-won, left, shake hands with United Arab Emirates President Sheikh Mohammed bin Zayed Al Nahyan during Abu Dhabi Sustainability Week at Abu Dhabi National Exhibition Center, Monday (local time).

Yoon spent the third day of his state visit to the UAE promoting Korea's economic and industrial capabilities to partners in the Middle Eastern country.

At the Abu Dhabi Sustainability Week symposium, Yoon delivered a special keynote speech highlighting the potential opportunities of the two countries' economic partnership.

"If the special strategic partnership between Korea and the UAE further expands in the area of carbon neutrality, our two countries will be able to enhance our leadership in the international community and create more opportunities for economic cooperation," Yoon said.

During his summit with the UAE president a day earlier, the two leaders agreed to expand bilateral cooperation from the existing four core pillars of nuclear power, energy, investment and defense to new growth industries, such as sustainable energy.

The two leaders watched Korea's Ministry of Trade, Industry and Energy and the UAE's Ministry of Industry and Advanced Technology sign an MOU to expand partnerships in sustainable clean energy and energy security.

Also, Korea's SK Group Chairman Chey Tae-won and the UAE's Mubadala Investment Company CEO Khaldoon Al Mubarak signed a partnership MOU on a voluntary carbon market, which allows carbon emitters to offset their emissions by purchasing credits.

The Korean president also noted that smart city construction is an area where the two countries' cooperation is expected.

As part of its post-oil future initiative, Abu Dhabi is building Masdar City near its international airport and seeks to have the metropolis become the world's first zero-carbon city.

"By tapping into Korea's world-class IT and infrastructure technologies and the UAE's experience of building and operating Masdar, our two countries can bring a sustainable future to many cities around the world," Yoon said.

The Sustainability Week event was also participated by top Korean business leaders, including Samsung Electronics Chairman Lee Jae-yong, Hyundai Motor Group Executive Chairman Chung Euisun and the SK Group chairman.