Korea Power Electric Corp led a South Korean group in winning a 75 billion-dirham (US$20.4 billion) contract to build four nuclear plants in the United Arab Emirates (UAE), the second-biggest Arab economy.
Korea Power, a state-run utility which supplies almost all the power in South Korea, won the UAE’s first oversees nuclear power plant order together with Doosan Heavy Industries & Construction Co, Hyundai Engineering & Construction Co, Samsung C&T Corp and Westinghouse Electric Co, it said in a statement yesterday. The value of the contract was carried by the UAE’s WAM News Agency.
The UAE, the fourth-biggest OPEC producer, is turning to nuclear power to meet growing electricity demand as the country’s infrastructure investments use up domestic natural-gas supplies. Power demand in the nation will double to 40,000 megawatts by 2020, Anwar Gargash, the minister of state for foreign affairs, said on Nov. 16.
The South Koreans won after competing against a French group led by Electricite de France SA, Europe’s biggest power generator, and a consortium led by General Electric Co.
The deal marks South Korea’s first export of a nuclear power plant and also its single largest overseas construction project in terms of value, the knowledge and economy ministry said.
South Korea is also seeking to win more nuclear power plant contracts from Jordan, Turkey and China.
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