ENEC and Subsidiaries Sign Three Significant Agreements with Korean Partners
03.04.18
- ENEC and KEPCO Nuclear Fuel (KNF) have signed a Memorandum of Understanding (MoU) to cooperate in the field of nuclear fuel and cooperate in overseas business development
- Nawah Energy Company and KEPCO Engineering and Construction (KEPCO E&C) have signed a long-term engineering support contract for the Barakah Nuclear Energy Plant
- KEPCO has agreed a Charter for Joint Business Cooperation with Barakah One Company to enhance cooperation throughout the nuclear business cycle
The Emirates Nuclear Energy Corporation (ENEC) and its Joint Venture subsidiary companies, Nawah Energy Company (Nawah) and Barakah One Company (BOC), have completed three significant agreements with Korean companies, expanding cooperation in the nuclear energy industry between the UAE and the Republic of Korea. The agreements come more than a year after ENEC and the Korea Electric Power Corporation (KEPCO) signed a Joint Venture agreement for the long-term sustainability and operation of the UAE Peaceful Nuclear Energy Program, making KEPCO a minority shareholder in Nawah and BOC.
ENEC and KEPCO Nuclear Fuel (KNF) have signed a Memorandum of Understanding to cooperate on nuclear fuel technology, secure a stable fuel supply and collaborate on business development initiatives. KNF is currently a supplier to the Barakah Nuclear Energy Plant, manufacturing and delivering the nuclear fuel assemblies needed to operate the reactor.
Nawah, the subsidiary mandated to operate and maintain the four Units at the Barakah plant, has signed a contract with KEPCO Engineering and Construction (KEPCO E&C) for the provision of engineering support services to the Barakah plant until 2030. Under the agreement, KEPCO E&C will support the sustainable and safe operations of the four Units at Barakah. Nawah will thus benefit from the decades of experience in nuclear energy plant engineering services brought by KEPCO E&C.
Finally, BOC, the entity in charge of managing the commercial and financial aspects of the Barakah project, has signed a Charter for Joint Business Cooperation with KEPCO. The Charter will enhance cooperation throughout the nuclear business cycle, from planning and construction to operation.
The three important agreements mark another milestone in the development of the UAE Peaceful Nuclear Energy Program and further strengthen the relationship between ENEC and KEPCO. The two Joint Venture partners and their subsidiary companies continue to establish new ways for cooperation, forming a unique international partnership for the nuclear energy industry.
In October 2016, ENEC entered a new phase of development by establishing a Joint Venture partnership with KEPCO, as well as the launch of Nawah and BOC. Through the Joint Venture, KEPCO became a minority shareholder of Nawah and BOC, holding 18% in each company. ENEC maintains a majority share of 82% in the two subsidiaries.
