A memorandum of understanding for nuclear power business development in Indonesia has been signed by Jon-Sin Kim, the president of Korea Hydro & Nuclear Power Co (KHNP).

The deal was reached with Hilmi Panigoro, the president of Indonesia’s MEDCO Energy International (MEI) in which the two companies agreed to advance collaboration in the nuclear power plant market in Indonesia through the OPR-1000 (formerly known as the KSNP), the Korean standard nuclear power plant. They also agreed to cooperate with each other in financing.

According to KHNP, the first nuclear power plant in Indonesia is being prepared for operation in 2016.