BUSINESS

S. Korea steps up efforts to export nuke reactors to UK

By Bae Hyun-jung
  • Published : Nov 28, 2017 - 19:25
  • Updated : Nov 28, 2017 - 19:25
The Ministry of Trade, Industry and Energy said Tuesday that it had signed a memorandum of understanding with its UK counterpart as part of a move to support Korean firms in the civilian nuclear energy sector.
 
Trade Minister Paik Un-gyu and his British counterpart Greg Clark sign a memorandum of understanding in London on Monday. (Yonhap)

South Korean Energy Minister Paik Un-gyu and British Energy Minister Greg Clark met in London on Monday and agreed to fully support South Korea’s state-run energy firms in taking part in the UK’s nuclear power project, ministry officials said Tuesday.

State-run Korea Electric Power Corp. is currently working on buying stakes in the nuclear power station at the UK’s northwestern region of Moorside.

Toshiba, the head unit of the project, has been searching for new investors since a French joint venture partner pulled out of the project.

Kepco and China General Nuclear Power have expressed interest in bidding for the deal.

Korea Hydro & Nuclear Power Co., the state nuclear operator under Kepco, has also been gesturing at bidding in another electricity infrastructure project in Wales, in partnership with Hitachi’s subsidiary Horizon Nuclear Power.

The Seoul government recently renewed its vow to support Korean companies in exporting nuclear reactors, in a move to ease concerns that the Moon Jae-in administration’s nuclear phase-out plan could dampen the market. 

By Bae Hyun-jung(tellme@heraldcorp.com)