Korea Electric, Doosan Heavy surge on UAE nuclear deal

(ATTN: ADDS more details throughout; UPDATES share prices)
SEOUL, Dec. 28 (Yonhap) -- Shares in the state-run Korea Electric Power Corp.
(KEPCO), Doosan Heavy Industries & Construction Co. and other South Korean
builders soared on Monday after they won a nuclear-plant contract from the United
Arab Emirates estimated to be worth some US$40 billion.

KEPCO closed at 34,400 on the Seoul bourse, up 5.04 percent. Doosan Heavy rose by
the daily limit of 15 percent to 84,900 won ($72.5).
The KEPCO-led consortium, which includes Hyundai Engineering & Construction Co.
and Samsung C&T Corp., will design, build and help operate four 1,400-megawatt
nuclear power units to be completed from 2017 to 2020.
The deal is initially worth $20.4 billion for the construction of four light
water nuclear reactors, but is expected to generate additional contracts, worth
another $20 billion, for the maintenance and operation of the power plants over
the next six decades.
Following the deal, KEPCO also said it was in talks with Turkey for two nuclear
power reactors and was planning a separate bid for a Ukraine nuclear power
plant.
"Growing demand for nuclear energy has brightened the prospects for Doosan Heavy
and other nuclear power-related shares," said Ha Seok-won, an analyst at Woori
Investment & Securities.
Hyundai Engineering rose 4.56 percent to close at 71,100 won, and Samsung C&T
gained 3 percent to 55,000 won.
KEPCO is a state-run utility supplying almost all the country's power, and Doosan
Heavy is the nation's leading nuclear power equipment maker.
sam@yna.co.kr
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