Lee in UAE to try to seal giant deal on nuclear plant
Published: 26 Dec. 2009, 07:31
President Lee Myung-bak will visit the United Arab Emirates today to make a last big push for Korea to win the largest nuclear power plant contract in the Middle East.
According to the Blue House, Lee will meet with UAE President Sheikh Khalifa bin Zayed Al Nahyan during his two-day stay in Abu Dhabi.
The summit takes place as the six-month-long competition to win the contract nears an end. Lee hopes to give the final push to seal the deal.
While the deal’s final price tag has not been determined, industry sources estimated that the project will be worth tens of trillions of won. If Korea wins the project, it will be the largest plant construction export in the country’s history. A consortium led by Korea Electric Power Corporation entered the competition in May. Hyundai Engineering and Construction and Samsung C&T Corporation are members of the consortium.
Other bidders were a consortium led by French nuclear energy giant Areva and another consortium of General Electric of the United States and Hitachi of Japan.
After a series of reviews, the Korean and French bidders made it to the final round.
Sources well-informed about the project said the UAE government will decide the contract winner before the end of this month. Abilities to design and build reactors, prices and long-term cooperation are key factors, they said.
“If Korea wins this deal, it will be a victory for not only the country’s technologies but also the administration’s diplomatic and negotiation skills,” Lee Dong-kwan, President Lee’s senior secretary for public affairs, said yesterday. “It will be an important milestone for Korea to open the nuclear energy era of the international community. This deal will secure Korea a bridge to enter the world market.”
If Korea wins the multibillion dollar project, it will be the nation’s first export of nuclear energy development technology. Following the oil crisis in the 1970s, Korea began investments in nuclear energy projects and built the first reactor in 1978. The nation has 20 reactors with eight more currently under construction. Korea is the world 6th largest nuclear energy producer.
With his national vision of low-carbon, green growth, Lee is an active advocate of nuclear energy. Nuclear power plant development was singled out as a strategic export industry by the Knowledge Ministry earlier this month. By 2030 the ministry said it hoped Korean firms would have built 400 nuclear power plants around the globe, producing about $1 trillion in revenue.
By Ser Myo-ja [[email protected]]
According to the Blue House, Lee will meet with UAE President Sheikh Khalifa bin Zayed Al Nahyan during his two-day stay in Abu Dhabi.
The summit takes place as the six-month-long competition to win the contract nears an end. Lee hopes to give the final push to seal the deal.
While the deal’s final price tag has not been determined, industry sources estimated that the project will be worth tens of trillions of won. If Korea wins the project, it will be the largest plant construction export in the country’s history. A consortium led by Korea Electric Power Corporation entered the competition in May. Hyundai Engineering and Construction and Samsung C&T Corporation are members of the consortium.
Other bidders were a consortium led by French nuclear energy giant Areva and another consortium of General Electric of the United States and Hitachi of Japan.
After a series of reviews, the Korean and French bidders made it to the final round.
Sources well-informed about the project said the UAE government will decide the contract winner before the end of this month. Abilities to design and build reactors, prices and long-term cooperation are key factors, they said.
“If Korea wins this deal, it will be a victory for not only the country’s technologies but also the administration’s diplomatic and negotiation skills,” Lee Dong-kwan, President Lee’s senior secretary for public affairs, said yesterday. “It will be an important milestone for Korea to open the nuclear energy era of the international community. This deal will secure Korea a bridge to enter the world market.”
If Korea wins the multibillion dollar project, it will be the nation’s first export of nuclear energy development technology. Following the oil crisis in the 1970s, Korea began investments in nuclear energy projects and built the first reactor in 1978. The nation has 20 reactors with eight more currently under construction. Korea is the world 6th largest nuclear energy producer.
With his national vision of low-carbon, green growth, Lee is an active advocate of nuclear energy. Nuclear power plant development was singled out as a strategic export industry by the Knowledge Ministry earlier this month. By 2030 the ministry said it hoped Korean firms would have built 400 nuclear power plants around the globe, producing about $1 trillion in revenue.
By Ser Myo-ja [[email protected]]
with the Korea JoongAng Daily
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