South Korean President Lee Myung-bak visited the United Arab Emirates (UAE) yesterday in a push to win one of the world’s biggest nuclear power plant contracts.
The UAE is expected to award the contract estimated to be worth US$40 billion to build several nuclear reactors “possibly early next week,” industry sources have said.
A South Korean consortium of Korea Electric Power Corp (KEPCO), Hyundai Engineering and Construction, Samsung C&T Corp and Doosan Heavy Industries is in the running to win the largest-ever energy deal of the Middle East.
Other bidders include a consortium of General Electric Co and Westinghouse Electric, a subsidiary of Toshiba Corp and a French consortium led by EDF and GDF Suez and including Areva and oil group Total.
Lee was scheduled to hold a summit meeting with UAE President Sheikh Khalifa bin Zayed al-Nahayan during his two-day visit, the South Korean presidential Blue House said in a statement.
“It remains unclear whether South Korea will win the final contract to build nuclear power plants and President Lee’s visit to the UAE is part of summit diplomacy to win the final ticket in the bidding,” Lee’s office said.
The French consortium was initially seen as a front-runner for the deal, but recently appeared to be losing ground to South Korea.
On the Korea Exchange earlier this week, shares of Korea Power Engineering and Doosan Heavy Industries rallied on expectations for the deal, analysts said.
IBK Securities analyst Yoon Jin-il said the contract was expected to be split in three stages with the initial order to be worth about US$5 billion, but the first-phase winner is likely to take home the remaining two.
Work is expected to begin in 2012, UAE state news agency WAM said. The UAE is the world’s third-largest oil exporter, but it is planning to build a number of nuclear reactors to meet an expected need for an additional 40,000 megawatts of power.
DECOUPLING? In a sign of deeper US-China technology decoupling, Apple has held initial talks about using Baidu’s generative AI technology in its iPhones, the Wall Street Journal said China has introduced guidelines to phase out US microprocessors from Intel Corp and Advanced Micro Devices Inc (AMD) from government PCs and servers, the Financial Times reported yesterday. The procurement guidance also seeks to sideline Microsoft Corp’s Windows operating system and foreign-made database software in favor of domestic options, the report said. Chinese officials have begun following the guidelines, which were unveiled in December last year, the report said. They order government agencies above the township level to include criteria requiring “safe and reliable” processors and operating systems when making purchases, the newspaper said. The US has been aiming to boost domestic semiconductor
Nvidia Corp earned its US$2.2 trillion market cap by producing artificial intelligence (AI) chips that have become the lifeblood powering the new era of generative AI developers from start-ups to Microsoft Corp, OpenAI and Google parent Alphabet Inc. Almost as important to its hardware is the company’s nearly 20 years’ worth of computer code, which helps make competition with the company nearly impossible. More than 4 million global developers rely on Nvidia’s CUDA software platform to build AI and other apps. Now a coalition of tech companies that includes Qualcomm Inc, Google and Intel Corp plans to loosen Nvidia’s chokehold by going
ENERGY IMPACT: The electricity rate hike is expected to add about NT$4 billion to TSMC’s electricity bill a year and cut its annual earnings per share by about NT$0.154 Taiwan Semiconductor Manufacturing Co (TSMC, 台積電) has left its long-term gross margin target unchanged despite the government deciding on Friday to raise electricity rates. One of the heaviest power consuming manufacturers in Taiwan, TSMC said it always respects the government’s energy policy and would continue to operate its fabs by making efforts in energy conservation. The chipmaker said it has left a long-term goal of more than 53 percent in gross margin unchanged. The Ministry of Economic Affairs concluded a power rate evaluation meeting on Friday, announcing electricity tariffs would go up by 11 percent on average to about NT$3.4518 per kilowatt-hour (kWh)
OPENING ADDRESS: The CEO is to give a speech on the future of high-performance computing and artificial intelligence at the trade show’s opening on June 3, TAITRA said Advanced Micro Devices Inc (AMD) chairperson and chief executive officer Lisa Su (蘇姿丰) is to deliver the opening keynote speech at Computex Taipei this year, the event’s organizer said in a statement yesterday. Su is to give a speech on the future of high-performance computing (HPC) in the artificial intelligence (AI) era to open Computex, one of the world’s largest computer and technology trade events, at 9:30am on June 3, the Taiwan External Trade Development Council (TAITRA) said. Su is to explore how AMD and the company’s strategic technology partners are pushing the limits of AI and HPC, from data centers to