Korean nuclear suppliers team up for export drive

Friday, 13 January 2023

In addition to representatives from MOTIE, the meeting included the CEOs of state-owned enterprises Korea Electric Power Company (Kepco), Korea Hydro & Nuclear Power (KHNP), Kepco E&C, KEPCO KPS, KEPCO Nuclear Fuel and the Korea Nuclear Association for International Cooperation. Also participating were the CEOs of private enterprises Doosan Enerbility, Hyundai E&C, Samsung C&T, Daewoo E&C, GS E&C, Hanwha E&C, DL E&C, Posco E&C and Kumho E&C.

During the meeting, with a special focus on Kepco and KHNP, the achievements in the nuclear export field in 2022 as well as the plans for 2023 were reviewed. Also, the participating companies had an opportunity to share their challenges and pending issues to find solutions.

It was noted that in August 2022, Team Korea won a contract worth KRW3 trillion (USD2.4 billion) to supply turbine islands for the El Dabaa plant under construction in Egypt. In October 2022, MOTIE signed a Memorandum of Understanding with the Polish Ministry of State Assets, while a Letter of Intent was also signed among companies in both countries.

MOTIE 2nd Vice Minister Park Il-jun emphasised that such achievements were possible only because Team Korea worked together as one team. He asked KHNP for an early completion of follow-up actions of the deal with the Polish companies in order to obtain tangible achievements again this year.

In July last year, the government laid out a new energy policy which aims to maintain nuclear's share of the country's energy mix at a minimum of 30% by 2030. It also set the goal of exporting 10 nuclear power plants by 2030, as well as the development of a Korean small modular reactor design.

At the 13 January meeting, the suppliers "pledged to strengthen team work as Team Korea" to achieve that goal, MOTIE said.

"Team Korea has sufficient capacity to construct the best nuclear power plants in the shortest period of time with the most economic measures," Park said.

He announced that MOTIE will strengthen the strategic cooperation channels with countries like the Czech Republic, the Philippines, the UK, Turkey and the UAE, while actively supporting exports of equipment, such as nuclear fuel plants and safety equipment.

Four APR-1400s have been built at Barakah in the United Arab Emirates, the first export order for the Korean reactor design.