U.A.E. awards $20 billion nuclear contract to Korea

A South Korean group led by Korea Power Electric Corp. won a $20 billion contract to build four nuclear plants in the United Arab Emirates, the second-biggest Arab economy.

Korea Power, a state-run utility that supplies almost all the power in South Korea also known as KEPCO, won the U.A.E.’s first nuclear power plant order together with Doosan Heavy Industries & Construction Co., Hyundai Engineering & Construction Co., Samsung C&T Corp. and Westinghouse Electric Co., it said in a statement today.

“The KEPCO team is best equipped to fulfill the government’s partnership requirements in this ambitious program,” Khaldoon Khalifa al-Mubarak, chairman of Emirates Nuclear Energy Corp., or ENEC, said in a separate statement. “The nature of this project will require a partnership that endures for nearly 100 years.” Source: Bloomberg