Minister An Duck-geun of the Ministry of Trade, Industry and Energy said on the 13th, "We have resolved all issues regarding energy cooperation between South Korea and the United States." This is interpreted as a positive signal that the dispute between Westinghouse and Korea Hydro and Nuclear Power Corporation has been settled ahead of the final contract for the Czech nuclear power plant.
Minister An emphasized during a luncheon meeting with reporters at a restaurant in Sejong that "We have created the foundation to facilitate the export of the Czech nuclear power plant in March" and noted, "This agreement will also play a positive role in entering the global nuclear power market in the future."
Earlier, Minister An met with Jennifer Granholm, the U.S. Secretary of Energy, on the 8th (local time) in Washington, D.C., where they officially signed a Memorandum of Understanding (MOU) regarding nuclear power plant exports and cooperation between the governments of South Korea and the United States. The MOU reaffirms the principles of cooperation for the peaceful use of nuclear power between the two countries and aims to strengthen export and import control cooperation by establishing an information-sharing system in the transfer of private nuclear technology.
At the meeting, Minister An evaluated the South Korea-U.S. nuclear power MOU, saying, "We have established a partnership that shares the values of stable technology and a reliable non-proliferation regime in the global nuclear power market." He continued, "Looking solely at nuclear power, the issues that have persisted between South Korea and the United States for the past eight years have been resolved," and added, "We have resolved the issues marred by 17 years of litigation among corporations."
The Ministry of Trade, Industry and Energy reports that demonstrating the stability of the South Korean economy through this trip to the U.S. is its greatest accomplishment. Minister An has become the first senior government official to travel to the U.S. since the state of emergency was declared. He relayed that "Foreign investment firms, as well as representatives from the National Association of Manufacturers, believe that the South Korean economy is robust."
During the trip to the U.S., Minister An noted that U.S. officials expressed appreciation for the positive impact that South Korean corporations have on the U.S. economy, agreeing that support for companies entering the U.S. market should continue.
Minister An said, "It is not a problem that the government may change and that the policy direction may shift, but the issue is to maintain IRA itself." He added, "I told U.S. officials that whether it's called IRA or something else, I hope the supportive U.S. policies that serve as a foundation for long-term investments will remain stable, and that senators and representatives there shared that sentiment."
Regarding the significantly reduced budget for the Great Whale project this year, he stated that exploratory drilling is proceeding normally, and that an interim report on exploration trends could be issued as early as May.
He remarked, "We are making significant progress. It will take a long time to complete the full geological analysis," and mentioned, "If we conduct the geological analysis, we would expect to finalize the initial drilling results by July or August, but if we see any results worth reporting, we aim to issue an interim report even in May."
He added that "The first drilling will take place with the budget of the Korea National Oil Corporation, and based on the promising structures found, we will seek overseas investment," stating, "Starting from the second drilling, our plan is to attract foreign investment."