"The United Arab Emirates deal was an important start, although a second contract is needed to establish South Korea as a viable 'player' in the nuclear energy sector."
– Edited By Chris Reed –
South Korea wants to sign a nuclear reactor deal with Turkey within the year that could help fuel further exports down the road, a government official said Monday.
Vice Knowledge Economy Minister Kim Young-hak told reporters negotiations are progressing well and that a decision could be made around the time Seoul hosts the G20 economic summit slated for Nov. 10-11.
He did not go into details, but said political developments in the Eurasian country are moving faster than expected, which may speed up Ankara's overall decision-making process.
Originally, South Korea expected a formal contract for the building of the proposed Sinop plant on the Black Sea coast to be reached around the middle of 2011.
Kim said that a deal with Turkey is important because it can give a vital boost as the country tries to make headway in the international nuclear energy business.
Talks with Turkey began earlier in the year with various cooperative tie-up arrangements being signed that have placed South Korea in a good position to secure the building plan if Turkey opts to expand its nuclear power generating capabilities.
"The United Arab Emirates deal was an important start, although a second contract is needed to establish South Korea as a viable 'player' in the nuclear energy sector," the official said.
In late 2009, Seoul signed a US$18.6 billion deal to build four reactors for the Middle Eastern country by 2020.