Korea-US Nuclear Alliance 'No.1' Likely Poland... Will Saudi Arabia Project Also Open Up?

Korea-US 'Nuclear Alliance' Takes Off... Poland Likely as 'First Project'
40 Trillion Won Large-Scale Project... Construction of 6 New Nuclear Reactors
Main Bidding Starts Next Year... Cooperation Plans to Be Detailed by Second Half
Saudi Nuclear Project Also in Focus... Stalled Due to Nuclear Non-Proliferation Issues

A view of the Dukovany nuclear power plant site in the Czech Republic where a new nuclear power plant will be constructed.
Photo by Asia Economy DB

[Asia Economy Sejong=Reporter Lee Jun-hyung] The Poland Lubiat?w-Kopalino nuclear power construction project is analyzed to be the most likely candidate as the ‘No. 1 project’ of the Korea-US nuclear power alliance. The Polish nuclear power plant is the project with the nearest bidding schedule among the confirmed nuclear power plant construction plans. If Korea and the United States enter the Polish nuclear power plant bidding as a ‘one team,’ France will be the only competitor.

According to related ministries on the 31st, Korea Hydro & Nuclear Power submitted a business proposal last month to the Ministry of Climate and Environment, the main department in charge of the Polish nuclear power project. The Polish nuclear power project involves building six nuclear reactors with a capacity of 6,000 to 9,000 MW, a large-scale project worth about 40 trillion won. Previously, the Polish government proposed the nuclear power project to three countries: Korea, the United States, and France.

The Polish nuclear power project will begin the main bidding next year. If Korea and the United States concretize their nuclear power cooperation plan within the second half of this year, they can meet the schedule of the Polish nuclear power project.

Currently, the Polish nuclear power project has been narrowed down to a three-way competition among Korea, the United States, and France. If Korea and the United States join forces, France will be the only competitor. France delayed the construction of the Olkiluoto nuclear power plant in Finland by 13 years, and additional costs snowballed during this process. From the Polish government’s perspective, the Korea-US nuclear power alliance, combining Korea’s world-class economic feasibility and construction capability with the United States’ diplomatic power, is inevitably attractive.

Attention is also focused on whether the Saudi Arabia nuclear power project will open up, starting from the Korea-US nuclear power alliance. The Saudi nuclear power project involves building up to 16 nuclear reactors with a capacity of 21,000 MW. Previously, Saudi Arabia selected five countries as preliminary contractors for the nuclear power project in 2018: Korea, the United States, France, China, and Russia.

However, the Saudi nuclear power project has shown little progress until recently because Saudi Arabia has not joined the International Atomic Energy Agency (IAEA) Additional Protocol for nuclear non-proliferation. Neither Korea nor the United States exports nuclear power plants to countries that have not joined the IAEA Additional Protocol. The Korea-US leaders recently reiterated compliance with the IAEA Additional Protocol in a joint statement.

Saudi Energy Minister Mentions Need for Russian Crude Oil
(Dubai AP=Yonhap News) Abdulaziz bin Salman Al Saud, Saudi Arabia's Energy Minister, is seen attending and delivering a speech at an event held in Dubai, United Arab Emirates (UAE), on March 29 (local time). He pointed out that Russia produces oil equivalent to 10% of the world's daily consumption and warned that if the stability of oil supply is threatened, the global economy will face difficulties. March 29, 2022
jsmoon@yna.co.kr
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However, as Korea-US nuclear power cooperation strengthens, expectations for the resumption of the Saudi nuclear power project are also growing. If the United States actively pushes for a nuclear cooperation agreement with Saudi Arabia, it could serve as an opportunity to resolve the IAEA Additional Protocol issue. Like the Polish nuclear power project, the Saudi nuclear power project is likely to be won if Korea and the United States enter as one team.

The Czech Dukovany nuclear power project, worth about 8 trillion won, is also analyzed to have a high possibility of Korea-US cooperation after winning the bid. Korea Hydro & Nuclear Power participated in the Czech nuclear power main bidding in March. The Czech government plans to complete the main bidding by November and start full-scale negotiations early next year. The Czech nuclear power bidding is expected to be a three-way competition among Korea Hydro & Nuclear Power, the US Westinghouse, and the French Electricit? de France (EDF).