Nuclear power in the GCC

Huse believes nuclear power can be a tricky proposition.
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By Stuart Matthews and Daniel Canty

Jospeh Huse, managing partner of Freshfields’ MENA practice talks to UME about going nuclear and finding finance

With sector experience focused primarily on the power - including nuclear - and oil and gas industries, Dubai-based Joseph Huse, managing partner of Freshfields MENA practice has plenty of experience of infrastructure and energy projects.

Although he describes the last six months of business as a ‘pretty wild rollercoaster’, he is confident about performance over the 2009 fiscal year. Huse says he doesn’t have a crystal ball, but is comfortable that infrastructure related legal work will be pretty strong in the region for 2009 and 2010. The company balances the skill set of its staff with the prevailing conditions with a 50-strong talent pool of lawyers. Travel plays a part too.

“People travel extensively throughout the region depending on where their particular skills are most needed,” he said. “My week started in London, then Paris, to Riyadh for Sunday, Monday back in Dubai, Tuesday in Bahrain, and next Tuesday I have a night flight to Vienna to meet the International Atomic Energy Agency (IAEA).”

The IAEA visit comes at a time when the regional interest in nuclear power generation is reaching new highs and corporate interests are jockeying for position.

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“Virtually every country in the Gulf right now has either a nuclear programme in progress, or a nuclear programme under consideration,” said Huse. “We act in this region for both governments and suppliers. There is a GCC Nuclear initiative that has been active for the past four years.

“Saudi Arabia has a programme, Bahrain is actively considering one. Abu Dhabi is in the procurement phase. Oman is considering several options, primarily gas, solar, and even importing coal for power generation.”

“Kuwait and Qatar are both actively considering nuclear power generation programmes. Syria had one – that was blown up, and Iran – everybody is aware of where their programme has reached.”

“Iran is well into the fuel cycle, and they’ve professed to stop making the bomb, but sure as night follows day, if you’ve advanced through the fuel cycle, then enrichment is a very short step to making the bomb, which is why the US is so nervous.”

“From the nuclear perspective the Middle East is an extraordinarily exciting area right now. We are involved in several of these projects. We have absolutely cutting edge expertise in this area. I personally have a very strong background in nuclear.”

It is not an idle boast. Huse acted as council to KEDO, the Korean Peninsula Energy Development Organisation. This was established in 1995 by the US, South Korea, and Japan to implement the 1994 US-North Korea agreed framework. This froze North Korea’s own nuclear power plant development. KEDO’s principal activity was to build a light water reactor nuclear power plant, to replace North Korea’s Magnox reactors.

“KEDO was a programme put in place by the Clinton administration to give North Korea 200MW light water reactors, using South Korean technology,” said Huse. “I drafted and negotiated the US $5 billion light water reactors and helped design the framework regulatory agreements for the  projects.”

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