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A consortium led by the Korea Electric Power Corp. won a $40 billion contract Sunday to build nuclear power plants in the United Arab Emirates, paving the way for South Korea to become a major energy facility exporter.

It is the largest-ever energy deal awarded in the Middle East, which has sought to replace oil with nuclear power and other alternative energy sources amid falling oil reserves.

Policymakers here called the contract a diplomatic triumph, saying it will help strengthen the country's economic ties with the region, as well as provide a crucial opportunity to boost shares in the fast-growing energy market.

The deal with the Emirates Nuclear Energy Corp. marks the first nuclear technology export for South Korea, which built its first commercial nuclear plant in 1978. Since then, it has constructed 20 reactors nationwide, providing almost 40 percent of the country's electricity needs.

The other consortium members are Hyundai Engineering and Construction, Samsung C&T Corp. and Doosan Heavy Industries.

By Na Jeong-ju (Staff Reporter)



# The Korea Times [DECEMBER 27 2009]