South Korea Moves to Protect Czech Nuclear Project from Delays
(MENAFN) South Korea has introduced an emergency oversight framework to keep its $17.5 billion nuclear power plant development in the Czech Republic on schedule, following the breakdown of contract discussions with a local construction consortium.
The Ministry of Trade, Industry and Resources said the government would establish measures to prevent setbacks to the Dukovany project and avoid similar contractual disputes in the future.
The intervention comes after Korea Hydro & Nuclear Power Co. (KHNP) ended negotiations last week with a consortium formed by Daewoo Engineering & Construction and Doosan Enerbility. The discussions collapsed after the parties failed to reach agreement on several essential contract conditions.
The ministry planned to convene its first emergency session on Monday to examine the next steps and determine how to maintain the project's timeline.
KHNP, the country's state-owned nuclear energy operator, intends to launch a fresh bidding process to appoint a construction company. The objective is to finalize a new contract by July 2027, while construction is expected to commence in November of the same year.
Industry Minister Kim Jung-kwan emphasized that senior officials would closely monitor developments and intervene when necessary.
"The minister and vice minister will personally review key project issues every week and take necessary measures for the time being," he said.
The Ministry of Trade, Industry and Resources said the government would establish measures to prevent setbacks to the Dukovany project and avoid similar contractual disputes in the future.
The intervention comes after Korea Hydro & Nuclear Power Co. (KHNP) ended negotiations last week with a consortium formed by Daewoo Engineering & Construction and Doosan Enerbility. The discussions collapsed after the parties failed to reach agreement on several essential contract conditions.
The ministry planned to convene its first emergency session on Monday to examine the next steps and determine how to maintain the project's timeline.
KHNP, the country's state-owned nuclear energy operator, intends to launch a fresh bidding process to appoint a construction company. The objective is to finalize a new contract by July 2027, while construction is expected to commence in November of the same year.
Industry Minister Kim Jung-kwan emphasized that senior officials would closely monitor developments and intervene when necessary.
"The minister and vice minister will personally review key project issues every week and take necessary measures for the time being," he said.
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