UAE awards $3bn worth of nuclear fuel contracts

15 August 2012

The Emirates Nuclear Energy Corporation (ENEC) has awarded six contracts covering uranium supply, conversion and enrichment services for its Barakah plant, under construction in the UAE.

The contracts, commencing in 2014-2015, are valued at around $3 billion, ENEC said. They will cover fuel supply for the first 15 years of plant operations.

The deals see both TENEX of Russia and AREVA of France providing the full range of services including supply of uranium concentrates, conversion and enrichment. Canada’s Uranium One, Inc. and Rio Tinto have both won contracts for supply of natural uranium. US-based ConverDyn will supply conversion services and URENCO will provide enrichment.

The enriched uranium will be supplied to KEPCO Nuclear Fuels, which will manufacture the fuel assemblies for use in the four planned APR-1400 units at Barakah.

The contracts are the result of a one-year fuel procurement competition that was launched in July 2011.

“These contracts will provide ENEC with long-term security of supply, high quality fuel and favorable pricing and commercial terms,” said ENEC’s chief executive officer Mohamed Al Hammadi.

ENEC said that expects to return to the market at various times to take advantage of favorable market conditions and to strengthen its security of supply position.

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