Barakah One Company and Korea Electric Power Corporation sign MoU

11.09.19

• Barakah One Company and Korea Electric Power Corporation sign MoU to explore potential collaboration on new nuclear energy projects

Abu Dhabi, UAE – 10 September 2019: Barakah One Company (BOC), a subsidiary of the Emirates Nuclear Energy Corporation (ENEC), has signed a Memorandum of Understanding (MoU) with Korea Electric Power Corporation (KEPCO) in the presence of Korean Vice Minister of Trade Industry and Energy, Mr Cheong Seung-Il and UAE Minister of Energy and Industry His Excellency Suhail Al Mazrouei. The signing took place during the 24th edition of the World Energy Congress, taking place in Abu Dhabi this week.

The purpose of the MoU is to provide a general framework that will explore potential opportunities for collaboration between the two entities to develop the ‘Barakah Model’, which aims to seek opportunities in new nuclear energy markets. This could include a range of areas 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, localization and development of nuclear energy infrastructure.

The new MoU was signed during the Congress in Abu Dhabi by Mr. Nasser Al Nasseri, Chief Executive Officer (CEO) of Barakah One Company and Jong Kap Kim, CEO and President of KEPCO.

Mr. Nasser Al Nasseri said: “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.”

Mr. Jong Kap Kim said: “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.”

The MoU expands on a previously signed Charter for Joint Business Cooperation between Barakah One Company, the entity in charge of managing the commercial and financial aspects of the Barakah project, and KEPCO. The Charter for Joint Business Cooperation enhances cooperation throughout the nuclear business cycle, from planning and construction to operation.

ENEC and its subsidiaries, Nawah Energy Company and Barakah One Company, remain committed to driving forward progress for the UAE Peaceful Nuclear Energy Program. The construction of the Barakah plant is progressing steadily, with Unit 1 currently undergoing commissioning and testing, prior to regulatory review and receipt of the Operating License from the FANR in order to commence the loading of the first nuclear fuel assemblies. All four units, for which construction is currently 93% complete, will deliver clean, efficient and reliable electricity to the UAE, preventing the release of up to 21 million tons of carbon emissions each year.

Taking place from 9 to 12 September at Abu Dhabi National Exhibition Centre (ADNEC), the triennial World Energy Congress is one of the energy sectors most significant gatherings and has seen the presence of more than 15,000 attendees from the UAE and abroad including 4,000 delegates and 66 ministers. The exhibition, taking place across a space of 35,000 square meters, features over 200 exhibitors, representing more than 150 countries altogether. ENEC is a Host Sponsor and the Youth Sponsor of the Congress.

Group photo caption: From left to right: Mr. Kwon, Yongwoo, Ambassador of the Republic of Korea, Mr. Cheong Seung-il, Vice Minister, MOTIE, Mr. JongKap Kim, CEO and President, KEPCO, Mr. Nasser Al Nasseri, CEO, Barakah One Company, H.E. Suhail Al Mazroui, Minister of Energy and Industry, UAE, H.E. Eng. Mohamed Al Hammadi, CEO, ENEC