According to Yonhap News,

South Korea and the Czech Republic held high-level talks Wednesday aimed at expanding comprehensive economic ties, resulting in the signing of 14 agreements and memorandums of understanding (MOUs), including key accords in the nuclear energy sector.

The agreements were signed despite a delay in the signing of an estimated 26 trillion-won (US$18.6 billion) deal for the construction of two nuclear reactors in the European country.

A South Korean consortium, led by Korea Hydro & Nuclear Power Co. (KHNP), was originally scheduled to finalize the contract with Elektrarna Dukovany II (EDU II), a subsidiary of Czech state-run utility firm CEZ, on the day, but the signing has been postponed due to a court injunction following a legal challenge by French energy company EDF, a losing bidder in the tender process.

The South Korean delegation, headed by Industry Minister Ahn Duk-geun, met with Czech Prime Minister Petr Fiala to discuss a wide range of bilateral cooperation in areas such as industry, energy, construction, infrastructure, and science and technology.

"I am confident that if leading nuclear companies from South Korea and the Czech Republic join forces, they can not only build a new nuclear power plant but also emerge as global leaders in the renaissance of nuclear energy," Ahn said.

The two governments also agreed to explore cooperation on entry into third-country nuclear markets and discussed the potential construction of additional reactors.

In addition to nuclear agreements, the two sided signed a separate MOU on battery cooperation, aimed at strengthening joint responses to forthcoming European Union battery regulations.

"This year marks the 35th anniversary of diplomatic relations and the 10th anniversary of the South Korea–Czech strategic partnership," Ahn said. "Jointly building the Dukovany nuclear reactors will serve as a milestone in our economic and energy cooperation and further deepen our strategic partnership."

The KHNP-led consortium was selected as the preferred bidder for the construction of two 1,063-megawatt nuclear reactors at the Dukovany Nuclear Power Plant, located about 200 kilometers southeast of Prague.

If finalized, the project would represent South Korea's first overseas nuclear plant contract since 2009, when KHNP secured a deal to build the Barakah Nuclear Power Plant in the United Arab Emirates.

The deal would also mark the largest public procurement project for the Czech Republic, which has been shifting to reduce its reliance on fossil fuels and increase the share of nuclear energy.


khj@yna.co.kr

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Source: Yonhap News (May 8, 2024)