KEPCO and KHNP to cooperate with Westinghouse in overseas nuclear ventures

15 June 2022

The CEOs of two Korean state-run energy firms held separate meetings with their counterpart at US-based Westinghouse Electric Company over joint cooperation in overseas nuclear energy projects, according to Korea Electric Power Corp. (Kepco) and its subsidiary Korea Hydro & Nuclear Power (KHNP).

Kepco CEO Cheong Seung-il met with Westinghouse president and CEO Patrick Fragman to bolster cooperation in joint overseas nuclear business opportunities. Fragman, who visited South Korea from 8-10 June, also met with KHNP CEO Chung Jae-hoon. The two closed-door meetings were a follow-up to the Korea-US summit last month between President Yoon Suk-yeol and US President Joe Biden.

The two leaders reiterated their commitment to leading the global nuclear power industry via strategic partnerships to cement a strong global market presence. The CEOs agreed to bolster cooperation in the nuclear industry including efforts to win joint business projects overseas and other areas.

"Bilateral cooperation will bear a fruitful outcome, as expected by the combination of Korea's excellent business management capabilities, technology and supply chain management know-how and the strengths of Westinghouse Electric Company," Kepco and KHNP said in a joint statement. "The cooperation is expected to gain momentum without major roadblocks, buoyed by the new policy initiative of the Yoon Suk-yeol administration which is seeking to win 10 advance orders of nuclear projects overseas by 2030," they said.

During his three-day visit Fragman visited Ulsan where Shin Kori reactors 3 and 4 are in operation and reactors 5 and 6 are under construction, to help determine the construction, operation and maintenance capabilities of Korea's nuclear power plants. 

Image: Korea Electric Power Corp. CEO Cheong Seung-il (second from left), and Westinghouse Electric Company President & CEO Patrick Fragman (second from right), discuss joint cooperation in overseas nuclear energy projects (Photo courtesy of KEPCO)

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