Oil Report

S.Korea, Turkey in talks on nuclear power deal

SEOUL, Dec 27 (Reuters) - South Korea's Korea Electric Power Corp. (KEPCO) 015760.KS said on Sunday it was in talks with Turkey to export two nuclear power reactors to Black Sea areas.

State-run KEPCO is also planning to bid for an expected tender by Ukraine soon to build more than one nuclear power reactor, it said in a statement.

South Korea said earlier the day it had won a $20 billion deal from the United Arab Emirates (UAE) to build four nuclear reactors, one of the world’s biggest nuclear power contracts.

Led by KEPCO, the Korean consortium expects to earn another $20 billion by jointly operating the reactors for 60 years. [ID:nSGE5BQ00F]

“We are now expecting much bigger opportunities in entering overseas markets as winning the UAE nuclear deal will play a role of convincing those countries in the Middle East and other regions which are thinking of importing nuclear power reactors,” the KEPCO statement said.

“KEPCO is discussing with Turkey to provide two APR1400 light-water reactors to the Black Sea areas,” it said, referring to the advanced power reactors (APRs) which are 1,400-megawatt pressurised, light-water type power reactors and the same type to be built in the UAE. [ID:nTOE5BQ00M]

While focusing on the UAE, Turkey, China and Jordan as its prioritised nuclear power export countries, KEPCO also grouped those countries expected to issue nuclear power projects in the medium term, including India, South Africa and Indonesia, the statement said.

Thanks to the UAE deal, South Korea has become the world’s No.6 nuclear power exporter, ranking after the United States, France, Russia, Canada and Japan, according to government data.

South Korea, which is also the world’s No.6 nuclear power holder in terms of generating capacity, started its first nuclear power generation in 1978.

The Korean consortium that won one of the largest-ever energy deals in the Middle East, includes KEPCO, Hyundai Engineering and Construction 000720.KS, Samsung C&T Corp 000830.KS, Doosan Heavy Industries 034020.KS, and U.S. Westinghouse.

Editing by John Stonestreet