Business

South Korea wins $2.2 billion order to build an Egyptian nuclear power plant

The South Korean government announced that a subsidiary of theirs had won an order worth $2.2 billion from the Egyptian government. This is for the construction of the country’s first nuclear power plant. El-Dabaa Nuclear Power Plant will be delivered and constructed by Korea Hydro & Nuclear Power Co., a subsidiary of Korea Electric Power Corp., which is 51% owned by the Korean government and banks.

South Korea wins $2.2 billion order to build an Egyptian nuclear power plant
Photo used for illustrative purposes only

A subsidiary of Russia’s state nuclear company Rosatom will build the reactors. Additional facilities will be constructed by the South Korean company. In 2028, the first unit will begin commercial operations. Moreover, this will be South Korea’s first overseas nuclear plant in 13 years. The last contract was for building four units of the Barakah nuclear power plant in the United Arab Emirates. 2021 marked the start of commercial operation for the first unit of the plant.

Taking advantage of the technological capabilities of domestic manufacturers such as Doosan Enerbility, formerly Doosan Heavy Industries & Construction, the administration under President Yoon Suk-yeol has made nuclear power plant exports a major economic policy. Additionally, it is competing for construction projects in the Czech Republic, Poland, and Saudi Arabia. In 2009, former South Korean President Lee Myung-bak led negotiations and won the UAE contract by defeating a consortium of American and Japanese companies led by Hitachi and General Electric.

Related posts

Bahrain to welcome Saudis as King Fahd Causeway re-opens

Admin

UAE to boost Iraq’s economy with $3 billion investment

Admin

IsDB Group announces $10.54 billion package to address global food security

Editor