BUSAN < invest Korea

According to Yonhap News,

(SEOUL=Yonhap News) The government said Monday that it will spend 610 billion won (US$520 million) to develop nuclear decommissioning technology by 2030.

The main focus of the 15-year plan is to develop techniques and measures required for a safe decommissioning of the country's oldest nuclear reactor, the Kori-1, officials said.

Earlier, the government had decided to permanently shut down the aging facility located in the southeastern port city of Busan. It will be the first time that South Korea permanently closes a nuclear power plant.

Of the total amount, 150 billion won will be allocated to develop 17 key decommissioning techniques led by the Ministry of Science, ICT, and Future Planning, they said.

The ministry will also use another 150 billion won to build a research center for decommissioning preparations as nuclear decommissioning markets show significant opportunities.

The government said the first-ever reactor closure could pave the way for developing the nation's decommissioning technology as more countries are phasing out aged reactors following Japan's nuclear crisis in 2011.

The market value of global nuclear decommissioning amounts to nearly 440 trillion won and there are 588 reactors in the world that are facing a shutdown.

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