Hyundai E&C strengthens its strategic partnership with key state-owned agencies in nuclear power construction in the Middle East.
Hyundai E&C announced on the 28th that it has signed a 'Strategic Cooperation Agreement for Nuclear Energy Development' with the Emirates Nuclear Energy Company (ENEC) at the Sofitel Ambassador Hotel in Seoul.
The agreement ceremony, held during ENEC executives' visit to Korea, was attended by Hyundai E&C CEO Lee Han-woo and ENEC Chief Executive Officer Mohamed Al Hammadi, along with key executives from both companies.
ENEC is a nuclear energy agency in the UAE, owning the Barakah nuclear power plant, the first large-scale nuclear power station in the UAE and the Middle East. Hyundai E&C has demonstrated its construction capabilities and risk management skills as the main contractor for the construction of Barakah units 1 to 4, achieving 'On time Within budget' completion.
With this agreement, both companies plan to establish a cooperation system for joint development and participation in new nuclear projects in the global market. They will collaborate on ▲ information and knowledge exchange △ strategic investment opportunity review ▲ seeking opportunities for joint participation in projects ▲ operating a regular working-level consultative body, and will prepare mid- to long-term cooperation plans in the nuclear energy sector.
Hyundai E&C stated that it will expand the horizon of cooperation as a strategic partner based on the trust and experience accumulated through the Barakah nuclear power project.
A Hyundai E&C official noted, 'Through this MOU, we have laid a practical foundation to explore collaboration opportunities with ENEC on global nuclear projects,' and added, 'We will discover new nuclear power projects in various regions such as the Middle East, North America, Asia, and Europe, and strengthen our global competitiveness.'