, South Korea
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KHNP, Doosan Enerbility, manufacturers sign deal to support nuclear energy

The MoU targets to “raise competitiveness through mutual growth.”

 

The Korea Hydro & Nuclear Power (KHNP), Doosan Enerbility, and equipment and material manufacturers in the nuclear energy industry signed a memorandum of understanding (MoU) to revitalise the nuclear ecosystem in the country.

In a statement, the Ministry of Trade, Industry and Energy said the memorandum was signed during the Nuclear Energy Industry Business Conference in Changwon in South Gyeongsang Province.

The ministry said the agreement “aims to raise competitiveness through mutual growth” wherein will pursue other goals such as carbon neutrality, energy crisis response and power stabilisation.

With this, the country’s energy industry can seek project winning, joint technology development, people exchange and export expansion, it said.

READ MORE: South Korea eyes becoming a nuclear energy powerhouse

Trade, Industry and Energy Minister Lee Chang-Yand also identified policy programmes and directions in five major areas for development which are: securing new projects, finance, research and development, Energy Industry Convergence Complex, and exports.

The ministry said there is KRW130.6b worth of new projects for bidding by the end of 2022, of which KRW86.2b was already opened and the remaining will likely be confirmed in October. Around KRW100b of funds have already been in operation since July for nuclear energy firms and evaluation. The evaluation of the applications of 60 companies is ongoing.

Meanwhile, KRW60b research and development fund will be launched by the ministry together with the Ministry of Science and ICT, and KHNP, and KRW21.5b additional funds will be allotted for small and medium enterprises and will start applications this month.

READ MORE: South Korea bares gov’t plans to support nuclear energy sector growth

The ministry also plans to designate Changwon as an Energy Industry Convergence Complex where R&D benefits, local investment subsidies and tax cuts could drive growth, as nuclear energy companies are concentrated in the area. South Gyeongsang Province is preparing for application.

It will also form a committee on nuclear energy exports to optimise the export potential of old power plants and materials to create an ecosystem generating a steady stream of new projects.

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