Seoul: South Korea is on course to conclude negotiations for a project to build a nuclear power plant in the Czech Republic, Seoul's industry minister stated. The final agreement for the anticipated project is experiencing delays, but progress is being made.
According to Yonhap News Agency, Industry Minister Ahn Duk-geun informed the parliamentary committee on industry and trade that documentation for the project has been completed, and local procedures, including legal reviews and board meetings, are currently underway. The minister expressed hope to finalize the agreement by late April or early May.
A South Korean consortium led by Korea Hydro and Nuclear Power Co. (KHNP) was selected in July 2024 as the preferred bidder to construct two reactors at the Dukovany power plant in the Czech Republic. If finalized, the deal, estimated at 24 trillion won (US$16.7 billion), would be South Korea's first overseas nuclear power plant project since KHNP won the Barakah Nuclear Power Plant contract in the UAE in 2009.
The consortium initially aimed to finalize the project deal by the end of March. Concurrently, Minister Ahn addressed the issue of South Korea's designation as a "sensitive" country by the U.S. Department of Energy (DOE), which is set to take effect. This classification, stemming from technical security concerns, has raised worries about potential impacts on technology cooperation between Seoul and Washington.
In a recent meeting with U.S. Energy Secretary Chris Wright, both parties acknowledged the necessity for bilateral cooperation in the nuclear power plant sector. Ahn met with Wright in Washington to discuss the "sensitive" country designation and ongoing energy collaboration.