Monday, December 28, 2009

FIRST N-PLANT IN REGION South Korea wins landmark $40bn Gulf nuclear deal

Abu Dhabi/Seoul: A South Korean group won a landmark deal to build and operate four nuclear reactors for the United Arab Emirates, beating more favoured US and French rivals to one of the Middle East’s biggest ever energy contracts.
Under the $40 billion deal announced on Sunday, which Seoul said it hoped would kick-start an export drive for its nuclear technology, the first nuclear plant in the Gulf Arab region is scheduled to start supplying power to the UAE grid in 2017.
In stark contrast to the development programme launched by northern Gulf neighbour Iran, the UAE’s nuclear ambitions carry the blessing of its ally the United States.
A consortium led by state-owned utility Korea Electric Power Corp
aims to complete UAE’s four 1,400 megawatt reactors by 2020. The South Korean president’s office on Sunday described the nuclear deal as “the largest mega-project in Korean history”. REUTERS

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