Seoul Launches Emergency Plan to Save USD17.5B Czech Nuclear Deal
(MENAFN) South Korea moved Monday to shield its $17.5 billion Dukovany nuclear power project in the Czech Republic from delay, unveiling an emergency management system after talks with a domestic construction consortium broke down, a South Korean news agency reported.
The Ministry of Trade, Industry and Resources said the government will draw up measures to hold the project to its timeline and head off similar contract failures.
The step comes days after Korea Hydro & Nuclear Power Co. (KHNP) ended negotiations with a consortium of Daewoo Engineering & Construction and Doosan Enerbility. The two sides could not agree on key contract terms.
The ministry was due to convene its first emergency meeting Monday to weigh next steps.
KHNP, South Korea’s state-run nuclear operator, will open a fresh tender to choose a construction contractor, targeting a signed agreement by July 2027. Construction is slated to start in November 2027.
“The minister and vice minister will personally review key project issues every week and take necessary measures for the time being,” Industry Minister Kim Jung-kwan said.
The 25 trillion won ($17.5 billion) project calls for two 1,000-megawatt APR1000 reactors at Dukovany. A KHNP-led South Korean consortium won the contract last year and then began talks with the Daewoo-Doosan consortium, which had been designated to carry out construction.
The Ministry of Trade, Industry and Resources said the government will draw up measures to hold the project to its timeline and head off similar contract failures.
The step comes days after Korea Hydro & Nuclear Power Co. (KHNP) ended negotiations with a consortium of Daewoo Engineering & Construction and Doosan Enerbility. The two sides could not agree on key contract terms.
The ministry was due to convene its first emergency meeting Monday to weigh next steps.
KHNP, South Korea’s state-run nuclear operator, will open a fresh tender to choose a construction contractor, targeting a signed agreement by July 2027. Construction is slated to start in November 2027.
“The minister and vice minister will personally review key project issues every week and take necessary measures for the time being,” Industry Minister Kim Jung-kwan said.
The 25 trillion won ($17.5 billion) project calls for two 1,000-megawatt APR1000 reactors at Dukovany. A KHNP-led South Korean consortium won the contract last year and then began talks with the Daewoo-Doosan consortium, which had been designated to carry out construction.
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