The Emirates Nuclear Energy Corporation (Enec) and the Korea Electric Power Corporation (Kepco) signed a joint venture agreement on Thursday establishing a long-term partnership.
This includes the set-up of Barakah One PJSC, an independent subsidiary owned by both companies, to represent the commercial and financial interests of the nuclear power plant project.
The agreement also entitles Kepco to receive an 18 per cent stake in Enec’s subsidiary Nawah Energy Company, which was established in May 2016 as the entity mandated to operate and maintain Barakah Units 1 to 4.
“This is a significant milestone in the history of the UAE’s peaceful nuclear energy programme,” said Khaldoon Al Mubarak, Enec’s chairman of the board of directors. “The agreement is designed to further enhance our joint capacity to develop and operate a peaceful nuclear energy programme in adherence to the highest standards of safety, quality, security and operational transparency.”
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