ID :
53251
Wed, 04/01/2009 - 08:15
Auther :
Shortlink :
https://www.oananews.org//node/53251
The shortlink copeid
S. Korea looks to export nuclear reactors through joint venture
SEOUL, April 1 (Yonhap) -- South Korea is seeking overseas buyers for
indigenously made nuclear reactors through a joint venture arrangement with a leading British engineering company, the government said Wednesday.
The joint venture between state-run Korea Electric Power Corp. (KEPCO), Korea Gas
Corp. (KOGAS), Korea Development Bank (KDB) and Britain's Amec engineering group
could prove helpful in securing future orders, the Ministry of Knowledge Economy
said.
It said the agreement signed in London gives Amec a majority 54 percent stake in
the joint venture that is to be set up in October, with KEPCO, KOGAS and KDB
holding 19 percent, 15 percent, and 12 percent shares, respectively. The deal was
signed by CEOs of the four companies in the presence of President Lee Myung-bak
and Britain's Prime Minister Gordon Brown.
After a late start, with the country's first reactor going on line in 1977, South
Korea rapidly acquired the technology and knowhow to design, build and operate
nuclear reactors. Lack of experience in the international arena and lack of
proper ties, however, have limited its ability to secure overseas orders.
With 20 reactors, South Korea ranks sixth in the world after the United States,
France, Japan, Russia and Germany in terms of electricity generated by nuclear
power units.
"The new joint venture that will be headquartered in South Korea should be
helpful in gaining access to Asian, Middle Eastern and European countries that
are looking to build new reactors," a ministry official said. He said besides the
atomic energy sector, the tie-up can help South Korea expand into the thermal
power plant market and various energy development deals.
Amec is a global leader in engineering services and project management, and
specializes in development of oil, gas, mineral resources and power plant
construction. The company has partnerships with Exxon Mobil, Shell, Chevron,
Aramco and Petro China. It also has extensive experience in ecological repair
work and holds cutting edge technology in safely dismantling aged nuclear
reactors.
Amec's sales totaled 5.5 trillion won in 2007 with 22,000 employees on its
payroll. the company has established ties with South Korea by taking part in the
building of the Incheon grand bridge, gas wells in the East Sea and a low and
intermediate level waste repository in the city of Gyeongju.
The ministry in charge of the country's industrial and energy policies said that
Amec will operate a project management program to train local energy experts who
could contribute to the overall future competitiveness of South Korean companies.
yonngong@yna.co.kr
(END)
indigenously made nuclear reactors through a joint venture arrangement with a leading British engineering company, the government said Wednesday.
The joint venture between state-run Korea Electric Power Corp. (KEPCO), Korea Gas
Corp. (KOGAS), Korea Development Bank (KDB) and Britain's Amec engineering group
could prove helpful in securing future orders, the Ministry of Knowledge Economy
said.
It said the agreement signed in London gives Amec a majority 54 percent stake in
the joint venture that is to be set up in October, with KEPCO, KOGAS and KDB
holding 19 percent, 15 percent, and 12 percent shares, respectively. The deal was
signed by CEOs of the four companies in the presence of President Lee Myung-bak
and Britain's Prime Minister Gordon Brown.
After a late start, with the country's first reactor going on line in 1977, South
Korea rapidly acquired the technology and knowhow to design, build and operate
nuclear reactors. Lack of experience in the international arena and lack of
proper ties, however, have limited its ability to secure overseas orders.
With 20 reactors, South Korea ranks sixth in the world after the United States,
France, Japan, Russia and Germany in terms of electricity generated by nuclear
power units.
"The new joint venture that will be headquartered in South Korea should be
helpful in gaining access to Asian, Middle Eastern and European countries that
are looking to build new reactors," a ministry official said. He said besides the
atomic energy sector, the tie-up can help South Korea expand into the thermal
power plant market and various energy development deals.
Amec is a global leader in engineering services and project management, and
specializes in development of oil, gas, mineral resources and power plant
construction. The company has partnerships with Exxon Mobil, Shell, Chevron,
Aramco and Petro China. It also has extensive experience in ecological repair
work and holds cutting edge technology in safely dismantling aged nuclear
reactors.
Amec's sales totaled 5.5 trillion won in 2007 with 22,000 employees on its
payroll. the company has established ties with South Korea by taking part in the
building of the Incheon grand bridge, gas wells in the East Sea and a low and
intermediate level waste repository in the city of Gyeongju.
The ministry in charge of the country's industrial and energy policies said that
Amec will operate a project management program to train local energy experts who
could contribute to the overall future competitiveness of South Korean companies.
yonngong@yna.co.kr
(END)
