Korea, UAE Agree to Promote Cooperation on Entry into Nuclear Power Sector in Saudi Arabia
MOTIE Minister Sung meets with ranking UAE officials to discuss ways to promote comprehensive cooperation in the energy field
Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy (MOTIE) meets with Minister Sultan Ahmed Al Jaber of State in the UAE, concurrently CEO of the Abu Dhabi National Oil Company (ADNOC) on Jan. 13. (Photos: MOTIE)
Minister Sung Yun-mo of the Ministry of Trade, Industry and Energy (MOTIE) toured the United Arab Emirates between Jan. 12 and Jan. 14 and agreed to promote cooperation on their entry into the nuclear power sector in third countries, including Saudi Arabia.
Minister Sung met with ranking UAE officials and discussed ways to provide support for Korean companies’ winning of long-term maintenance agreement (LIMA) of the Barakah Nuclear Power Plant in the UAE and promote comprehensive cooperation in the energy field.
Minister Sung met with Chairman Khaldoon Al Mubarak of Abu Dhabi’s Executive Affairs on Jan. 13. During their meeting, Minister Sung asked for Korean companies’ participation in the LIMA, which is now in negotiations.
A consortium led by Korea Hydro & Nuclear Power Co. (KHNP) and KEPCO KPS, is squaring off with contenders from the UK and the United States and others to win an international bid on the LIMA.
The two ministers agreed to share energy policies between the two countries, including energy supply and demand, energy mix and energy market related to the UAE’s introduction of the new nuclear power plant and put into operation full-fledged discussion channels between Korea and the UAE.
Minister Sung met with Minister Sultan Ahmed Al Jaber of State in the UAE, concurrently CEO of the Abu Dhabi National Oil Company (ADNOC) and discussed ways of promoting cooperation in resource development and plant engineering.
During their meeting, Minister Sung asked for the ADNOC’s support for Korean companies’ winning of projects the UAE oil company is seeking to implement.
Minister Sung participated in the Abu Dhabi Sustainability Week, the biggest event in the Middle East, sponsored by the UAE government, as a representative of the Korean government. Minister Sung met with Minister Khakud A, Al-Faith of the Ministry of Energy, Industry of Mineral Resourcs of Saudi Arabia and concurrently chairman of Saudi Aramco on the sidelines of the Abu Dhabi Sustainability Week.
The two ministers discussed ways of promoting bilateral cooperation in the nuclear power project in Saudi Arabia. In their meeting, Minister Sung stressed that cooperation in the nuclear power industry may be a starting point in Saudi Arabia’s bid to lower its dependence on petroleum and promote the diversification of the Saudi economy.
Saudi Arabia is seeking to implement a 22 trillion won nuclear power project. Five contenders, including Korea, are competing in an international bidding to build nuclear power units in Saudi Arabia. They will be shortlisted to a few contenders by March, before a preferred negotiation commences by year-end.
MOTIE Miniser Sung Yun-mo poses for a group photo with President Chung Jae-hoon of Korea Hydro & Nuclear Power (KHNP) and officials with the construction of the Barakah Nuclear Power Plant in the United Arab Emirates.