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S Korea signs $2.25 billion deal with Russia nuclear company

By KIM TONG-HYUNG, August 26, 2022

SEOUL, South Korea (AP) — South Korea has signed a 3 trillion won ($2.25 billion) contract with a Russian state-run nuclear energy company to provide components and construct turbine buildings for Egypt’s first nuclear power plant, officials said Thursday.

The South Koreans hailed the deal as a triumph for their nuclear power industry, although it made for awkward optics as their American allies push an economic pressure campaign to isolate Russia over its war on Ukraine.

South Korean officials said the United States was consulted in advance about the deal and that the technologies being supplied by Seoul for the project would not clash with international sanctions against Russia.

According to South Korea’s presidential office and trade ministry, the state-run Korea Hydro and Nuclear Power was subcontracted by Russia’s Atomstroyexport to provide certain materials and equipment and construct turbine buildings and other structures at the plant being built in Dabaa. The Mediterranean coastal town is about 130 kilometers (80 miles) northwest of Cairo.

Atomstroyexport, also called ASE, is a subsidiary of Rosatom, a state-owned Russian nuclear conglomerate. The company has a contract with Egypt to deliver four 1,200 megawatt reactors through 2030. Korea Hydro and Nuclear Power’s part of project is from 2023 to 2029……………..

August 26, 2022 - Posted by | business and costs, politics international, South Korea

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