Seoul: South Korea's state-run Korea Hydro and Nuclear Power (KHNP) announced that it has reached an agreement with U.S.-based Westinghouse to resolve an intellectual property rights dispute and collaborate in the global nuclear energy market. KHNP, along with Korea Electric Power Corp., confirmed the settlement in a release, highlighting the strategic importance of this agreement in fostering closer cooperation between South Korea and the United States.
According to Yonhap News Agency, KHNP aims to establish a "new strategic relationship" with Westinghouse to enhance bilateral cooperation in the nuclear industry. KHNP CEO Whang Joo-ho emphasized that the agreement would facilitate a closer partnership between the two companies. This resolution is anticipated to clear a significant obstacle for KHNP's project to construct two reactors at the Dukovany power plant in the Czech Republic, which faced challenges due to Westinghouse's claims of intellectual property infringement.
The South Korean government expects to finalize its agreement with the Czech Republic by March, following its selection as the preferred bidder in July 2024. The announcement of the settlement coincides with a recent memorandum of understanding signed between Seoul and Washington, which outlines principles for nuclear exports and cooperation. This bilateral agreement underscores the commitment of both nations to maximize the peaceful use of nuclear energy, adhering to the highest standards of safety, security, safeguards, and nonproliferation.