The Emirates Nuclear Energy Corporation (ENEC) and the Korea Electric Power Corporation (KEPCO) have recently signed a Joint Venture (JV) agreement for a long-term partnership and cooperation for the UAE’s Peaceful Nuclear Energy Program. With the signing of the JV, ENEC and KEPCO have established a new, long-term partnership to jointly capitalize on KEPCO’s 40 plus years of nuclear experience for the benefit of the Barakah project.
Under the JV, KEPCO will take an 18 percent stake in Barakah One, with ENEC as the majority owner of the remaining 82 percent. Nasser Al Nasseri, previously Chief Financial Officer of ENEC, has been appointed Acting Chief Executive Officer of Barakah One. The agreement also entitles KEPCO to receive an 18 percent stake in ENEC’s subsidiary Nawah Energy Company (Nawah) and ENEC will remain as majority owner of the remaining 82 percent of the company.
“This is a significant milestone in the history of the UAE Peaceful Nuclear Energy Program,” said H.E. Khaldoon Al Mubarak, Chairman of the Board of Directors of ENEC. “The Joint Venture Agreement is an unprecedented partnership between two countries in the field of nuclear energy and is designed to further enhance our joint capacity to develop and operate a peaceful nuclear energy program in adherence to the highest standards of safety, quality, security and operational transparency.” The Barakah Nuclear Energy Plants are scheduled for completion in 2020, with construction having started in 2012 following regulatory approval.