THE VALUE OF COLLABORATION

‘Korea’s 40 years of experience will be beneficial to Enec’

Enec deal with South Korea adds expertise to develop UAE’s nuclear plans,

ABU DHABI // The latest joint venture between the UAE’s nuclear operator and its prime contractor from South Korea demonstrated the strong commitment towards Abu Dhabi’s nuclear programme, Enec’s chief executive said. Mohammed Al Hammadi said the deal would bring a lot of nuclear expertise to the UAE. “We have the backing of 40 years of Korea’s experience,” said the head of the Emirates Nuclear Energy Corporation.

“There will be more staff coming from Korea to work here and we will always make sure to bring their top experts, firms and companies.”

Enec and the Korea Electric Power Corporation ( Kepco) signed a joint venture agreement last week establishing a long-term partnership, includ- ing the set-up of Barakah One PJSC, an independent subsidiary owned by both companies, to represent the commercial and financial interests of the nuclear power plant project.

The agreement entitles Kepco to an 18 per cent stake in Enec’s subsidiary, Nawah Energy Company, which was established in May to operate and maintain Barakah units 1 to 4.

“This is a new era,” Mr Al Hammadi said.

“This gives good credibility to the UAE that it has been doing what it pledged in its nuclear policy in 2008.”

Park Kang-ho, Korean ambassador, said the UAE’s nuclear power plant was the starting point from which both countries would open their new strategic partnership for the next 100 years.

“It will bring a true partnership to Enec and Kepco, which is much more advanced than the previous vendor- supplier relationship,” he said.

“I also think that it would not have been made possible without the UAE’s clear vision and firm assurance on nuclear power generation.” The US$4.5 billion (Dh16.5bn) investment by Kepco moves it from being the principal constructor to one of the owners of the UAE’s nuclear power plant at Barakah in the Western Region.

“This makes it more closely aligned with the UAE programme and shows its confidence in the long-term sustainability and success of the peaceful nuclear power plant,” said Barbara Judge, former head of the UK atomic energy authority and a member of the international advisory board for the development of nuclear energy in the UAE.

“It’s important to know that this is one of the largest single instances of foreign investments in the history of the UAE, which is good not just for the nuclear programme, but also demonstrates the confidence of the Koreans in the success of the UAE economy,” Lady Judge said.

“So it shows they are investing a serious amount of money in the UAE and draws them even closer economically.”