KOREAN NET

Construction of the Barakah nuclear power plant in the United Arab Emirates was partially done by Korean companies. (KEPCO)

By Lee Dasom

The government has signed a memorandum of understanding with the U.S. on exports of and cooperation in nuclear power.

The Ministry of Trade, Industry and Energy and the Ministry of Foreign Affairs on Nov. 5 announced their signing of the Memorandum of Understanding (MOU) on Principles Concerning Nuclear Exports and Cooperation with the U.S.

This agreement came after meetings from Oct. 31 to Nov. 1 between the ministries and the U.S. departments of state and energy on expanding cooperation in the civil use of nuclear energy.

In a joint news release, the two sides said both sides "reached a significant outcome on November 1, advancing their cooperation on civil nuclear energy," adding, "These further commitments will provide a springboard for the expansion of our bilateral work in combating climate change, accelerating global energy transitions, and assuring critical supply chains."

Both sides through the MOU "reaffirmed their mutual commitment to promoting the expansion of peaceful nuclear energy while upholding the highest standards of nonproliferation, safety, safeguards, and security."

They also pledged to raise bilateral management of export controls on civil nuclear technology.

Through the signing of this MOU, Seoul and Washington will conduct the final review, predicting that this will lead to "billions of dollars worth of new economic opportunities and the creation or maintenance of tens of thousands of manufacturing jobs for industries of both countries."

Meanwhile, Hyundai Engineering & Construction has landed a massive contract worth KRW 20 trillion to build a nuclear power plant in Bulgaria.

The company on Nov. 5 said it signed a design and planning contract the day before with Kozloduy NPP-New Builds PLC, Bulgaria's state energy agency, at the Council of Ministers building in Sofia to build the Kozloduy Nuclear Power Plant (KNPP).

The project is to build two additional large-scale nuclear plants at the nuclear power complex in the Kozloduy region. The Phase 1 design will begin this year and completion is slated for 2035.

The KNPP will be the Eastern European country's first nuclear plant that will provide a third of domestic power supply.

dlektha0319@korea.kr