The government said that along with private entities, it would invest a total of 400 billion won ($355.7 million) in research and development, between 2011 and 2017, to improve domestic nuclear reactor technology
– By April Murelio –
The South Korean government has said that it is targeting a 20 percent share of the global nuclear reactor market by 2030 through exports of 80 nuclear reactors. The announcement comes hard on the heels of a landmark $40 billion nuclear power deal secured by South Korea's state-run Korea Electric Power Corp (KEPCO) to the United Arab Emirates (UAE).
In a statement, the government said that along with private entities, it would invest a total of 400 billion won ($355.7 million) in research and development, between 2011 and 2017, to improve domestic nuclear reactor technology.
It also said that it also planned to acquire stakes in overseas mines that would provide materials related to nuclear power, including uranium, to 25 per cent by 2016 and 50 per cent by 2030. This would compare to 6.7 per cent this year.
KEPCO recently secured orders for four APR1400 nuclear power plants in the UAE as part of a $20 billion agreement with the oil-rich Middle East country. The agreement, which is the biggest ever contracted either by South Korea or the UAE, is also South Korea's first nuclear power plant export deal. The contract is expected to generate an additional $20 billion in contracts for South Korean companies.
Currently South Korea is Asia's fourth-largest economy. In December 2009 a South Korea-led consortium won the Middle East's biggest ever energy contract to build and operate four 1,400 MW light water nuclear reactors by 2020 in Sila, some 330 Km (205 miles) west of the UAE capital.
The consortium apparently stole a march over the French nuclear group Areva SA and another consortium, composed of the US firm General Electric Co and the Japanese firm Hitachi Ltd, in its bid for the contract.