December 27, 2009 / 3:24 AM / 10 years ago

S.Korea says wins $20 billion nuclear deal from UAE

South Korean President Lee Myung-bak (R) shakes hands with an official from the United Arab Emirates embassy in Seoul, before Lee departed to the UAE at a military airport in Seongnam, south of Seoul December 26, 2009. REUTERS/Jo Bo-hee/Yonhap

SEOUL (Reuters) - South Korea said on Sunday 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.

A South Korean consortium expects to earn another $20 billion by jointly operating the reactors for 60 years.

The figures are in line with what industry sources told Reuters in the UAE earlier on Sunday.

The first reactor will be completed in 2017 to produce power and the others will be completed by 2020, the Korean presidential Blue House also said in a statement.

The Korean consortium includes Korea Electric Power Corp. (KEPCO), Hyundai Engineering and Construction, Samsung C&T Corp and Doosan Heavy Industries.

Reporting by Cho Mee-young; Editing by Jerry Norton, John Stonestreet

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