KHNP, Samsung C&T team up for global nuclear projects

According to the agreement - signed on Tuesday by KHNP President Hwang Joo-ho and Samsung C&T President Oh Se-cheol in Seoul - the two companies agreed to collaborate on: joint proposals for new nuclear power projects utilising business-to-business (B2B) cooperation; strengthening competitiveness for large nuclear power bids; and collaboration on small modular reactors (SMRs) for the development of new overseas nuclear power projects. In particular, they plan to closely cooperate to identify nuclear power plant projects in the Asia Pacific region, where demand is expected to surge.

"In this changing global business environment, we will strive to build a stable partnership with Samsung C&T and open up new markets by utilising various business models," said Hwang Joo-ho. "If the two companies, which have experience in managing nuclear power plants, the ability to execute large-scale infrastructure projects, and an international network and understanding, join forces, we will be able to create a more competitive business model."

Oh Se-cheol added: "In order to lead the global nuclear power plant market, it is essential to establish a differentiated business model that suits each country's energy policy and demand. We expect to create innovative synergy through mutual cooperation based on the technological prowess and global experience accumulated by both companies in large-scale nuclear power plants and small modular reactors."

In January, KHNP announced it had signed memorandums of understanding on cooperation with Norway's Norsk Kjernekraft and Sweden's Kärnfull Next to "strengthen its foothold in the European market with its innovative SMR (i-SMR)".

KHNP said the agreements reflect changes in the global market. Recently, it said, the SMR market has been attracting attention for its new business structure led by energy consumers and developers, moving away from the existing business model centred on nuclear power plant operators.

In December last year, Samsung C&T - Samsung C&T - which worked on the construction of the Korean-supplied Barakah nuclear power plant in the UAE - announced it had signed an MoU with Kärnfull Next to advance the deployment of SMRs in Sweden.