Cooperation on New Nuclear Power Plant Construction, Reactivation, and Investment in Related Companies
Samsung C&T announced on the 30th that it has signed a memorandum of understanding with the Emirates Nuclear Energy Corporation (ENEC) to promote development and investment related to nuclear power generation. From the left, Mohamed Al Hammadi, CEO of ENEC, and Oh Secheol, President and CEO of Samsung C&T. Photo by Samsung C&T
On the 30th, Samsung C&T announced that it had signed a memorandum of understanding (MOU) with Emirates Nuclear Energy Company (ENEC) to promote global development and investment related to nuclear power generation.
ENEC successfully completed a large-scale project by investing approximately 40 trillion KRW to construct and operate four Korean-type nuclear reactors in Barakah, near Abu Dhabi.
The signing ceremony, held the previous day at Sofitel Ambassador Hotel in Songpa-gu, Seoul, was attended by Mohamed Al Hammadi, CEO of ENEC, Oh Secheol, President and CEO of Samsung C&T, and other key officials from both companies.
With this agreement, the two companies plan to lead the global nuclear power market by leveraging Samsung C&T's extensive business execution experience in the nuclear and infrastructure sectors and ENEC's world-class leadership in nuclear power.
The main contents of the MOU include: cooperation on nuclear power plant projects such as new nuclear plant construction, reactivation, and M&A of existing sites in the global market; investment and development cooperation in the small modular reactor (SMR) business in the global market; cooperation in nuclear-based hydrogen production projects in the global market; and investment in nuclear services and equipment companies. Based on the MOU, the two companies plan to develop a strategic cooperation roadmap.
ENEC stated, "Nuclear energy will become a central source to provide the large-scale electricity needed to meet soaring global power demand," adding, "Through this cooperation, we will expand global collaborative efforts for the deployment, investment, and innovation of new nuclear power plants, and pursue projects that will have a tangible impact on countries seeking long-term economic growth."
A Samsung C&T representative said, "The role of nuclear power is essential for stable energy supply," and added, "We expect to create innovative synergy through mutual cooperation based on the accumulated technological capabilities and networks of both companies in the fields of large-scale nuclear power and SMR."
In April, Samsung C&T won a contract for a facility improvement project for Romania's Nuclear Power Plant Unit 1 and is jointly carrying out the front-end engineering design (FEED) for Romania's SMR project with NuScale, Fluor, and Sargent & Lundy of the United States. The company is also achieving tangible results in large-scale nuclear and SMR projects, such as expanding SMR business in Sweden and Estonia.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
