Korea Electric Wins UAE Deal – Analyst Blog
Zacks Market Commentaries (December 28th, 2009) Writes:
Korea Electric Power Corp. (KEP) led consortium has won a $20.4 billion contract for developing a civilian nuclear program for the United Arab Emirates. Other members of the Korea Electric Power consortium are Hyundai Engineering and Construction, Samsung and Doosan Heavy Industries. The consortium beat a number of prominent bidders like General Electric Co. (GE), Hitachi Ltd. (HIT).
Under the agreement, the Korea Electric Power consortium will design and construct four 1,400 MW units, and provide operational help in running the units. The company estimates that the first of the nuclear units will begin producing electricity in 2017, followed by the other three by 2020.
This is not the first Middle Eastern venture for Korea Electric Power. The company is already building a power plant in western Saudi Arabia for the state-run Saudi Electricity Company. The 1,200 MW oil fired power plant deal in Rabigh was signed between Korea
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