The Emirates Nuclear Energy Company (ENEC) and South Korea’s Hyundai Engineering & Construction (Hyundai E&C) have signed a strategic memorandum of understanding (MOU) in Seoul to jointly explore international nuclear energy opportunities. It was signed by Hyundai E&C CEO Lee Han-woo and ENEC Managing Director and CEO Mohamed Al Hammadi.
The collaboration builds on the longstanding strategic partnership between the UAE and the Republic of Korea in the nuclear sector. Hyundai E&C was the lead contractor in the construction of the Barakah NPP.
The MOU provides a comprehensive framework for knowledge sharing, collaborative evaluation of project participation, and assessment of strategic investment opportunities. It includes also the formation of a joint working group to identify areas of mutual interest and support the development of future nuclear energy initiatives.
Hyundai E&C said the two companies will establish a cooperation system for joint development and participation in new nuclear energy projects in the global market in the future. They will exchange information and knowledge; review strategic investment opportunities; and explore opportunities for joint participation in projects. “We plan to continue in-depth consultations on mid- to long-term cooperation plans across the nuclear energy sector.”
ENEC is pursuing a new phase of investing in, collaborating with and consulting on both large nuclear reactors in addition to advancing new nuclear technologies both locally and internationally. “With the Barakah NPP fully operational, ENEC is now focused on working with global partners to support the acceleration of nuclear deployment and committed to working with all responsible nations looking to deploy new nuclear or expand their existing fleets, and MOUs with companies such as Hyundai E&C are a clear demonstration of this approach,” ENEC noted.
“The MOU demonstrates ENEC’s expanding role in international nuclear partnerships to sustaining momentum in nuclear energy development and shaping the future of nuclear energy by enabling faster, safer and more cost-effective deployment of new nuclear technologies in the UAE and globally.”
The MOU follows a series of recent agreements between ENEC and leading global operators, technology developers, and energy companies, most recently US-based Westinghouse. These partnerships form an integral part of ENEC’s broader focus on identifying global investment, collaboration and deployment opportunities to support the rapid delivery of civil nuclear energy, driving energy security and sustainability through the provision of clean baseload electricity. “As developer and operator of the four-unit of the Barakah Plant in Abu Dhabi, UAE, ENEC has gained significant expertise from the successful deployment of civil nuclear energy to power the UAE’s grid, on time and cost efficiently,” ENEC said.
The successful construction of the Barakah NPP on time and on budget earned Hyundai E&C high praise from the global nuclear industry for demonstrating its unique risk management and construction capabilities. As Korea and the UAE deepen their commitment to future cooperation in the energy sector, including nuclear, Hyundai E&C also plans to expand the horizon of their cooperation as a strategic partner, building on the trust and experience developed during the Barakah project.
An official from Hyundai Engineering & Construction said “This MOU has great significance in laying the practical foundation for exploring opportunities for cooperation between ENEC and global nuclear power projects”, and “in the future, new nuclear power plant projects will appear in various regions such as the Middle East, North America, Asia, and Europe., and will continue to strengthen global competitiveness.”
