MoU provides a general framework that will explore potential opportunities for collaboration between the two firms
Barakah One Company (BOC) has signed a memorandum of understanding (MoU) with Korea Electric Power Corporation (KEPCO) to explore potential collaboration on new nuclear energy projects. BOC is a subsidiary of the Emirates Nuclear Energy Corporation (ENEC).
According to a statement, the MoU expands on a previously signed Charter for Joint Business Cooperation between Barakah One Company, the company in charge of managing the commercial and financial aspects of the Barakah project and KEPCO. The Charter for Joint Business Cooperation is said to enhance cooperation throughout the nuclear business cycle, from planning and construction to operation.
The MoU provides a general framework that will explore potential opportunities for collaboration between the two entities to develop the ‘Barakah Model’, which aims to find opportunities in new nuclear energy markets.
This may include ideas including investment and financing, licensing and safeguards, operations and maintenance as well as training and exchange of scientific and technical expertise in the field of nuclear energy. It could also include nuclear fuel cycle management, localisation and development of nuclear energy infrastructure.
The deal was signed by Nasser Al Nasseri, CEO of Barakah One Company and Jong Kap Kim, CEO and President of KEPCO 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, at the 24th edition of the World Energy Congress in Abu Dhabi.
“The MoU will look at opportunities to utilize the expertise and experience resulting from our long-standing relationship with Kepco. 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 through the development of the UAE Peaceful Nuclear Energy Program. The MoU will enable our teams to explore all aspects of nuclear energy programs including the establishment of infrastructure, development of human capital, creation of financing plans and supply chains. The MoU reinforces the continued collaboration between the UAE and South Korea within this critical sector,” said Al Nasseri.
Jong Kap Kim added, “The MoU is the fruits of mutual trust accumulated based on successful cooperation between UAE and Korea for the BNPP project. Going forward, by sharing expertise and experience, leading to combining respective strength, we will now explore opportunities to successfully collaborate to support global nuclear energy projects.”