ENEC Signs Commercial Uranium Contract With World's Largest Uranium Producer, Kazakhstan's Kazatomprom, For The UAE's Barakah Nuclear Energy Plant

(MENAFN- Mid-East)

The agreement was signed in front of UAE and Kazakhstan officials on the sidelines of COP28, where the role of nuclear has been recognized as important for achieving Net Zero

Abu Dhabi, UAE: The Emirates Nuclear energy Corporation (ENEC) has announced the signing of its first commercial uranium fuel supply contract with Kazakhstan's National Atomic Company (NAC) Kazatomprom JSC for the UAE's Barakah Nuclear Energy Plant. The contract opens pathways for future collaboration between the two entities, as it builds on ENEC's long established diversified procurement strategy to ensure a secure and sustainable supply of nuclear fuel. The signing took place during the official visit of the President of the Republic of Kazakhstan, Kassym-Jomart Tokayev, to the UAE, during which the delegation of Kazatomprom participated in the United Nations Conference on Climate Change, COP28.

Within the 'Year of Sustainability' in the UAE, ENEC's global partnerships will support the continued rapid decarbonization of the country's heavy and energy intensive industries, creating further sources of clean energy while using the latest technologies and helping to deliver Net Zero by 2050. ENEC is increasingly forming international partnerships to advance the role of nuclear energy globally to support greater energy security and sustainable development.

This is a strategically important agreement given that Kazakhstan is the world's largest producer of uranium, holding approximately 12 percent of the world's recoverable uranium resources and produces 40% of the world's uranium supplies; mining 42% of the world's uranium in 2022.

His Excellency Mohamed Al Hammadi, ENEC's Managing Director and Chief Executive Officer commented:“ENEC has a comprehensive strategy for fuel management at Barakah, signing contracts back in 2012 with a number of global suppliers to ensure a sustainable and secure fuel supply. Signing this agreement with Kazatomprom, Kazakhstan, as the largest uranium producer globally, is strategically important for ENEC in further diversifying and securing fuel supplies. With a significant positive shift in many nations to include civil nuclear energy as part of their energy mix, security of supply for fuel is paramount. Adding Kazamtomprom boosts our roster of fuel partners further, ensuring a sustainable fuel supply for the generation of clean, 24/7 electricity, and our plans for generation of clean heat, steam and clean molecules like hydrogen, to decarbonize energy intensive and heavy industry in the UAE and oversees”.

Meirzhan Yussupov, Chief Executive Officer of NAC Kazatomprom commented:“We are proud that the first ever commercial contract between Kazatomprom and ENEC will mark the beginning of valuable and promising cooperation between our companies. We are excited to add the UAE to the nations to whom we supply and appreciate the recognition of Kazatomprom with its exceptional supply track record and sustainable market reputation as a part of the UAE's energy security and net zero agenda. We hope our partnership will only strengthen in the future resulting in new contracts for the reliable supplies of natural uranium for the Barakah Nuclear Energy Plant”.

Uranium fuel is used as part of the fission process, where uranium atoms are split to release significant heat. This heat generates steam that drives turbines connected to generators, ultimately producing clean, carbon-emissions free electricity. ENEC's uranium procurement strategy includes long-term contracts with several suppliers from different countries to mitigate geopolitical risks and ensure competitive pricing.

The Barakah Nuclear Energy Plant, a pivotal player in the international nuclear energy sector, boasts four APR-1400 units, marking it as one of the largest nuclear energy facilities globally. The Plant is instrumental in the United Arab Emirates' journey towards clean energy and its ambitious goal of Net Zero carbon emissions by 2025. The Plant is the largest source of clean electricity in the region, spearheading decarbonization in the UAE.

ENEC is now focused beyond the Barakah plant to capitalize on the expertise it has gained to look at opportunities for further large-scale plant development, advanced reactors, R&D and clean molecules, heat and steam generation, both in the UAE and through investments and partnerships overseas, to deliver the full value of the UAE Peaceful Nuclear Energy Program.

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