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ABU DHABI / WAM
The Emirates Nuclear Energy Corporation (ENEC) and the Korea Electric Power Corporation (KEPCO) on Thursday signed a joint venture agreement for a long-term partnership and cooperation for the UAE’s peaceful nuclear energy programme.
KEPCO, the prime contractor for the Barakah Nuclear Energy Plant currently under construction in the Western Region of Abu Dhabi, has been working with ENEC since 2009 to deliver safe, clean, efficient and reliable nuclear energy to the UAE grid. With the signing of this agreement, both entities have established a new, long-term partnership to jointly capitalise on KEPCO’s 40 plus years of nuclear experience for the benefit of the Barakah project.
They also announced the establishment of Barakah One, an independent subsidiary owned by both companies, which will represent the commercial and financial interests of the Barakah project. Under the agreement, KEPCO will take an 18 percent stake in Barakah One, with ENEC as the majority owner of the remaining 82 percent. Nasser Al Nasseri, previously Chief Financial Officer of ENEC, has been appointed Acting Chief Executive Officer of Barakah One.
The agreement also entitles KEPCO to receive an 18 percent stake in ENEC’s subsidiary, Nawah Energy Company, Nawah, and ENEC will remain as majority owner of the remaining 82 percent of the company. Nawah was established in May 2016 and is the entity mandated to operate and maintain Barakah Units 1 to 4.
“This is a significant milestone in the history of the UAE peaceful nuclear energy programme,†said Khaldoon Al Mubarak, Chairman of the Board of Directors of ENEC. “The joint venture agreement is an unprecedented partnership between two countries in the field of nuclear energy and is designed to further enhance our joint capacity to develop and operate a peaceful nuclear energy programme in adherence with the highest standards of safety, quality, security and operational transparency.â€
“The government of the Republic of Korea is pleased to be the long-term strategic partner for the UAE peaceful nuclear energy programme. We will continue to support KEPCO in its international projects and it is our priority to ensure the success of the Barakah nuclear energy plant,†he said.