Korea Electric, Doosan Heavy surge on UAE nuclear deal

SEOUL, Dec. 28 (Yonhap) -- Shares in state-run Korea Electric Power Corp., Doosan
Heavy Industries & Construction Co. and other South Korean builders soared on
Monday after winning a nuclear-plant contract from the United Arab Emirates,
estimated to be worth some US$40 billion.

Korea Electric was trading at 35,900 on the Seoul bourse as of 9:57 a.m., up 9.62
percent. Doosan Heavy rose by the daily limit of 15 percent to 84,900 won.
The Korea Electric-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.
Hyundai Engineering rose 8.33 percent to 73,700 won, while Samsung C&T gained
8.05 percent to 57,700 won. Both stocks advanced the most since Dec. 15, 2008.
Korea Electric is a state-run utility supplying almost all the country's power,
and Doosan Heavy in the nation's leading nuclear power equipment maker.
sam@yna.co.kr
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