The UAE's Barakah One Company and Korea Electric Power Corporation (KEPCO) have signed a Memorandum of Understanding (MoU) to explore potential collaboration on new nuclear energy projects in third countries.Jong Kap Kim and Nasser Al Nasseri with the newly signed MoU (Image: Barakah One)
The MoU, which expands on a previously signed Charter for Joint Business Cooperation between the two companies, was signed by Barakah One Company CEO Nasser Al Nasseri and KEPCO President Jong Kap Kim during the 24th World Energy Congress in Abu Dhabi, UAE. Its purpose is to provide a general framework that will explore potential opportunities for collaboration between the two entities to develop the 'Barakah Model' to seek opportunities in new nuclear energy markets. This could include investment and financing, licensing and safeguards, operations and maintenance as well as training and exchange of scientific and technical expertise, the companies said. It could also include nuclear fuel cycle management, localisation and development of nuclear energy infrastructure.
Al Nasseri said the MoU would look at opportunities to utilise the expertise and experience from the two companies' long-standing relationship.
"We will collaborate to identify potential prospects to support the establishment of nuclear energy projects in other countries that will benefit from the unique knowledge and skills developed at Barakah," he said, adding that the MoU "reinforces the continued collaboration between the UAE and South Korea within this critical sector."
Barakah One, which represents the financial and commercial interests of the UAE's Barakah nuclear energy plant, is a subsidiary of the Emirates Nuclear Energy Corporation (ENEC) ad is partially owned by KEPCO.
Four Korean-designed APR1400 reactors are being built at Barakah, in the Al Dhafra Region of Abu Dhabi. Unit 1 is currently undergoing commissioning and testing, prior to regulatory review and receipt of an operating licence from the UAE's Federal Authority for Nuclear Regulation, while the project as a whole is now 93% complete.
The MoU was signed in the presence of Korean Vice Minister of Trade Industry and Energy Cheong Seung-Il and UAE Minister of Energy and Industry Suhail Al Mazrouei. Also present were Korean Ambassador Kwon, Yongwoo and ENEC CEO Mohamed Al Hammadi.