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A consortium from South Korea has seen off stiff competition from the US and France to land a massive US$40 billion contract from the government of the UAE that will see them build and operate four nuclear reactors in the Gulf state.
A statement released on South Korean President Lee Myung-bak’s website said the winning consortium is led by Korea Electric Power Corp (KEPCO) and includes fellow South Korean companies Hyundai Engineering and Construction, Samsung C&T Corp and Doosan Heavy Industries as well as the US-based Westinghouse Electric, a unit of Japan’s Toshiba Corp.
“As we overcame world-leading competitors from France, the US and Japan while working to win the UAE contract, we can now stand shoulder to shoulder with the US, Japan, France and Russia in our advance into the international market,” Lee Myung-bak said.
The contract, coveted by some of the world’s largest utility and contracting companies, will see the consortium being paid $20 billion to construct the four 1,400 megawatts plants, with another $20 billion being paid as an operating fee spread over 60 years.
The first plant is due to be completed and supplying the UAE grid with power by 2017 with the other three becoming operational by 2020. The project is also expected to create over 11,000 jobs.Â
