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South Korea to sign early nuclear deal with Turkey
- 14 years ago (2010-08-16)
- David Flin
A senior South Korean government official said that it is on the verge of signing a deal to supply a nuclear power plant to Turkey ahead of schedule. Kim Young-hak, Vice Minister at the Minister of Knowledge Economy, said that the deal could be signed during the G20 Summit in Seoul in November, rather than in 2011 as originally planned.
During a trip to South Korea in June, Gul signed a Memorandum of Understanding (MOU) to cooperate on nuclear power projects. This includes a $10 billion contract to supply Turkey with a nuclear plant to be located at Sinop on the Black Sea coast.
The proposed sale followed negotiation between Korea Electric Power Corporation and Turkey’s state-owned Electricity Generation to conduct joint studies on the construction of the Sinop plant.
The reason that the deal could be signed ahead of schedule appears to be that the Turkish presidential election has been brought forward from July 2011 to the end of this year.
The deal follows South Korea’s winning of a $20 billion contract to supply the United Arab Emirates with four nuclear power plants.
The successful Korean consortium is led by Kepco (Korea Power Electricity Corporation).