Samsung C&T's construction division is expanding its presence in the global nuclear power market in collaboration with the Emirates Nuclear Energy Corporation, which built the Barakah nuclear power plant in the United Arab Emirates.
Samsung C&T announced on the 30th that it has signed a memorandum of understanding (MOU) with the Emirates Nuclear Energy Corporation (ENEC) to promote development and investment related to global nuclear power generation.
The signing ceremony was held on the 29th at the Sofitel Ambassador Hotel in Songpa District, Seoul, with the participation of key officials from both companies, including Mohamed Al Hammadi, CEO of the Emirates Nuclear Energy Corporation, and O Se-cheol, president of Samsung C&T.
Through this agreement, the two companies plan to lead the global nuclear market based on Samsung C&T's rich experience in nuclear and infrastructure projects and the Emirates Nuclear Energy Corporation's global leadership in nuclear power.
The two companies plan to develop a strategic cooperation roadmap based on this memorandum of understanding, which includes ▲ cooperation on nuclear projects such as new nuclear power plant construction, restart, and mergers and acquisitions of existing sites in the global market ▲ investment and development cooperation for small modular reactor (SMR) projects in the global market ▲ cooperation in nuclear-based hydrogen production projects in global markets, including Korea ▲ and investment in nuclear services and equipment companies.
The Emirates Nuclear Energy Corporation stated, "Nuclear energy will be central to providing sufficient large-scale electricity to meet the rapidly increasing global power demand," adding, "Through this cooperation, we will expand global collaboration efforts for the deployment, investment, and innovation of new nuclear power plants and pursue projects that have a practical impact on countries seeking long-term economic growth."
An official from Samsung C&T said, "The role of nuclear power is essential for stable energy supply," and expressed hope that by leveraging the technology and network accumulated in the large nuclear power and SMR fields of both companies, they would create innovative synergy through mutual cooperation.
Samsung C&T has won a contract for the equipment improvement project of the first reactor in Romania in April. It is conducting the basic design (FEED) for the Romania SMR project in collaboration with the U.S. companies NuScale, Fluor, and Sargent & Lundy. Samsung C&T is also expanding its SMR projects in Sweden and Estonia while showing visible results in large nuclear and SMR projects.
The Emirates Nuclear Energy Corporation has successfully constructed and operated four Korean-style nuclear power plants in Barakah, near Abu Dhabi, with an investment of about 40 trillion won.