Korea's push to export nuclear reactors gains new momentum

The Korea Times

The Korea Times

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Sat, December 9, 2023 | 06:43

Foreign Affairs

Korea's push to export nuclear reactors gains new momentum

Posted : 2023-01-17 11:36

Updated : 2023-01-17 16:51

President Yoon Suk Yeol shakes hands with UAE President Sheikh Mohamed bin Zayed Al Nahyan during their visit to Barakah Nuclear Power Plant in Abu Dhabi, Monday (local time). Yonhap

Additional nuclear plants in either UAE or UK possible

By Nam Hyun-woo

ABU DHABI ― Korea's campaign to export nuclear reactors and related facilities is gaining fresh momentum on the occasion of President Yoon Suk Yeol's state visit to the United Arab Emirates (UAE), as the two countries agreed to cooperate for additional nuclear projects in either the UAE or third countries, such as the U.K.

Yoon will wrap up his state visit to the UAE on Tuesday afternoon (local time), after fruitful summit diplomacy, including securing the UAE's commitment to invest $30 billion in Korean companies guaranteed through a joint declaration and a total of 48 memoranda of understanding (MOUs) signed between the two countries.

Nuclear energy is one of the areas that is expected to facilitate bilateral cooperation.

While promising an astonishing amount of investment, UAE President Sheikh Mohamed bin Zayed Al Nahyan said his country decided to do so in recognition of the successful construction and operation of the Barakah Nuclear Power Plant, which was built by Korean companies.

During the leaders' visit to the nuclear plant on Monday, Yoon noted, "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."

This is also mentioned in the joint statement between the two countries announced on late Monday.

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In the statement, the two leaders expressed their determination to "deepen and accelerate collaboration in the nuclear energy sector" by "jointly pursuing additional nuclear projects, whether in the UAE or in third countries."

According to a senior official at Korea's presidential office, the reference to "additional nuclear projects in the UAE" can be interpreted as Korea building more nuclear power plants in the country.

"Nothing has been determined, and the UAE has yet to make an official offer," the official said. "We assume that the UAE has a plan to build additional nuclear plants and considers Korea as a partner, given that it will be ineffective for the country to have one plant designed by Korea and the other built by other countries."

Barakah Nuclear Power Plant / Yonhap

Reportedly, a senior-level official of the Korean presidential office asked a top official of the UAE's Emirates Nuclear Energy Corporation (ENEC) about the country's intention to build additional nuclear power plants during the Korea-UAE Business Forum held on Monday, and the ENEC official replied that the company "will consider if the Korea Electric Power Corp. (KEPCO) makes a fine offer." KEPCO is the main contractor for the Barakah plant.

If pursued, the additional nuclear power projects between Korea and the UAE will likely be for small modular reactors (SMRs), which are regarded as the future generation of nuclear reactors due to their lower initial capital investment, siting flexibility and greater scalability.

Regarding the joint entry into third countries, the presidential official mentioned the U.K. as a possible candidate. "There have been discussions between ENEC CEO Mohamed Ibrahim Al Hammadi and KEPCO CEO Cheong Seung-il last year with a certain goal," it said.

"We believe when Korea's engineering and building capability combines with the UAE's capital, financial and networking capabilities, it will make a very competitive team."

The U.K. is now expanding nuclear energy's share in its energy portfolio to lower its reliance on natural gas and boost its long-term energy independence and security. Last April, the British government announced that it would build up to eight nuclear reactors.

The official also noted Korea's ongoing efforts to win contracts for nuclear power plant projects in the Czech Republic and Poland will be more effective if they are backed by the UAE's funds.

Yoon will wrap up his state visit to the UAE after attending a future vision forum in Dubai. He will depart for Switzerland later Tuesday to attend the World Economic Forum in Davos.

namhw@koreatimes.co.kr