Barakah One, KEPCO sign deal to jointly explore new nuclear energy prospects
Barakah One Company plans to explore potential opportunities for collaboration between the two entities to develop the ‘Barakah Model’, which aims to seek opportunities in new nuclear energy markets.
Emirates Nuclear Energy Corporation (ENEC) subsidiary Barakah One Company (BOC) has signed a memorandum of understanding (MoU) with Korea Electric Power Corporation (KEPCO)
BOC plans to explore potential opportunities for collaboration between the two entities to develop the ‘Barakah Model’, which aims to seek opportunities in new nuclear energy markets.
This could include a range of areas including investment and financing, licensing and safeguards, operations and maintenance as well as training and exchange of scientific and technical expertise. It could also include nuclear fuel cycle management, localisation and development of nuclear energy infrastructure.
Nasser Al Nasseri, CEO of Barakah One Company, said, “The MoU will look at opportunities to utilise the expertise and experience resulting from our long-standing relationship with KEPCO.
“We will collaborate to identify potential prospects to support the establishment of nuclear energy projects in other countries that will benefit from the unique knowledge and skills developed at Barakah through the development of the UAE Peaceful Nuclear Energy Programme.
“The MoU will enable our teams to explore all aspects of nuclear energy programs including the establishment of infrastructure, development of human capital, creation of financing plans and supply chains.”
The agreement expands on a previously signed Charter for Joint Business Cooperation between BOC and KEPCO, which enhances cooperation throughout the nuclear business cycle, from planning and construction to operation.
Jong Kap Kim, CEO and President of KEPCO, added, “The MoU is the fruits of mutual trust accumulated based on the successful cooperation between UAE and Korea for the BNPP project. Going forward, by sharing expertise and experience, leading to combining respective strength, we will now explore opportunities to successfully collaborate to support global nuclear energy projects.”