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Korea Herald
15 hours ago
- Business
- Korea Herald
Daewoo E&C steps up global push with major wins in Czech Republic, Turkmenistan
Daewoo Engineering & Construction said Monday it is intensifying global expansion efforts to revive its legacy as a pioneer in 'global construction,' with Chairman Jung Won-ju engaging with key business partners worldwide. One of the most notable developments is the Czech Republic's new nuclear power plant project. Earlier in June, a Korean consortium including Daewoo E&C clinched a landmark $18 billion contract with the Czech state utility to build new nuclear reactors in the country. Under the deal, Korea Hydro & Nuclear Power will construct two 1,000-megawatt APR-1000 reactors — Dukovany Units 5 and 6 — with completion targeted for 2036 and 2037, respectively. Daewoo E&C will lead the structural construction, securing a multitrillion-won contract later this year. In Central Asia, the Korean builder secured a contract in May to construct a mineral fertilizer plant in Turkmenistan, valued at nearly 1 trillion won ($723 million), marking its first entry into the region. This achievement follows Chairman Jung's annual visits to the country, as he recognized Turkmenistan's growth potential in sectors such as petrochemicals, fertilizers, infrastructure and new city development. Daewoo E&C plans to further strengthen cooperation by proposing a range of eco-friendly business solutions tailored to the country's needs. Since Jungheung Group acquired Daewoo E&C in 2022, Jung has emphasized overseas expansion as a strategic response to domestic market uncertainties. His direct involvement in project development has been cited as a factor in securing initiatives like Vietnam's Kien Giang New City project and the Turkmenistan fertilizer plant. Continuing his diplomatic business campaign, Chairman Jung visited Indonesia in May and met with President Prabowo Subianto to discuss potential expansion in real estate development, infrastructure and petrochemical projects. Shortly after, on June 18, he traveled to Mozambique and held talks with President Daniel Chapo to explore collaboration and expansion opportunities. This visit aligns with Daewoo E&C's broader strategy to grow its presence in Africa, particularly through LNG plant construction, leveraging its project experience in countries like Nigeria and Botswana. Domestically, Daewoo E&C is strengthening its portfolio with key public and urban redevelopment projects. It led the design review for Jinhae New Port's southern breakwater and was selected for the Umyeonsan expressway relocation. In high-end residential redevelopment, it secured the Gangnam Wonhyosung Villa project, reaffirming its expertise from previous projects like Hannam The Hill. The company is also pursuing the Gaepo Woosung 7th Reconstruction Project, emphasizing resident-focused designs over profit. 'The spirit of challenge and passion that led us to pioneer the global construction market under the banner of 'Global Construction' is deeply ingrained in all our employees,' a Daewoo E&C representative stated. 'We will do our utmost to establish ourselves as Korea's leading construction company by expanding overseas markets and diversifying our domestic business portfolio for the next 100 years.'
Korea Herald
05-06-2025
- Business
- Korea Herald
Korea inks $18b nuclear export deal with Czech Republic
South Korea secures its first nuclear export in 16 years since Barakah project in UAE South Korea has clinched a landmark $18 billion contract with the Czech state utility to build new nuclear reactors in the Czech Republic, following a court decision to lift an injunction that had temporarily blocked the signing. This is Korea's second-ever nuclear export project, following the Barakah plant in the United Arab Emirates in 2009. Czech Prime Minister Petra Fiala announced the closing of the deal in a nationally televised press conference Wednesday, just hours after the Czech Supreme Administrative Court lifted the injunction filed by EDF, a French bidder that lost the tender. "We have removed all doubts and legal obstacles that prevented the nuclear power plant project from being launched," Fiala said during the conference. The signing took place digitally between Korea Hydro & Nuclear Power and Elektrarna Dukovany II (EDU II), a subsidiary of the Czech state-run utility in charge of operating the nuclear plants in Dukovany. Under the agreement, KHNP will build two 1,000 megawatt APR-1000 reactors — Dukovany Units 5 and 6 — with completion targeted for 2036 and 2037, respectively. "The deal is a testament to the technological excellence and global reliability of Korea's nuclear industry," KHNP CEO Whang Joo-ho said. "KHNP will carry out the project with the highest safety and quality standards, strengthening Korea's competitiveness in the global nuclear energy market." The deal marks a symbolic milestone for Korea, which once imported European nuclear technologies, but is now exporting its own, KHNP said. Korea adopted France's Framatome reactor for its Hanul 1 and 2 units in 1982. KHNP will serve as the lead EPC (engineering, procurement and construction) contractor and oversee the full scope of the project while working with a consortium of top Korean firms. Kepco E&C will be in charge of design and engineering, and Doosan Enerbility will be responsible for equipment supply and construction. Daewoo E&C will lead the structural construction, while Kepco NF and Kepco KPS will each take on nuclear fuel supply and commissioning and maintenance. KHNP said it plans to establish an onsite project office near the Dukovany plant to facilitate early-stage work, such as permitting, site surveys and document management. The energy firm said it would hold two briefing sessions this year outlining the qualification requirements and technical standards for Korean suppliers interested in participating in the Czech project. KHNP had originally been set to sign the deal on May 7, after being named preferred bidder over France's EDF and US-based Westinghouse in July 2024. The signing was postponed, however, when a Czech court accepted a last-minute injunction filed by EDF, which claimed irregularities in the bidding process. Despite the delay, both sides continued preparations. KHNP and EDU II appealed the ruling, and the higher court said Wednesday it found the injunction's claims unsubstantiated. The Czech government also preapproved the contract between CEZ and KHNP, allowing the deal to proceed immediately if the injunction was lifted. The Dukovany project is part of the Czech Republic's largest infrastructure initiative for long-term energy security and decarbonization goals. With the Czech government expected to decide within the next five years on expanding the Temelin nuclear site, KHNP remains eligible to negotiate additional contracts for the potential new units.
Korea Herald
05-06-2025
- Business
- Korea Herald
KHNP to set up on-site construction office for Czech power plant project
South Korea's state-run Korea Hydro & Nuclear Power Co. (KHNP) will first establish an on-site construction office in the Czech Republic to swiftly commence the nuclear reactor construction project for the European nation, company officials said Thursday, a day after the two sides finalized the deal. KHNP will soon hold a kick-off meeting with Czech state-controlled power company Elektrarna Dukovany II (EDU II) for the project and open an on-site construction office at the Dukovany nuclear power plant, located about 170 kilometers southeast of Prague, according to the officials. A South Korean consortium led by KHNP was named the successful bidder for the estimated US$19.1 billion project last month, but the signing of the deal had been delayed due to an injunction issued by a Czech court following a legal complaint from France's EDF, a losing bidder in the tender. KHNP electronically signed the final agreement with EDU II to build two new nuclear power units at the Dukovany plant late Wednesday, shortly after the Czech Supreme Administrative Court overturned the injunction. The Dukovany deal marks South Korea's first overseas nuclear power plant contract since 2009, when the country secured a deal to build the Barakah nuclear power plant in the United Arab Emirates. "This contract is a remarkable achievement that once again proves the technological excellence and reliability of South Korea's nuclear power industry on the global stage," KHNP President Whang Joo-ho said in a press release. "KHNP will do its utmost to enhance the global competitiveness of the domestic nuclear ecosystem, fulfill our responsibility to future generations through safe and sustainable energy, and ensure the successful implementation of the project in close cooperation with the Czech Republic," he added. To speed up the process, KHNP plans to soon sign subcontracts with other members of the consortium. They are KEPCO Engineering & Construction Co., KEPCO Nuclear Fuel Co., KEPCO Plant Service & Engineering Co., Doosan Enerbility Co. and Doosan Engineering & Construction Co, according to KHNP. KEPCO E&C, KEPCO NF and KEPCO KPS, all subsidiaries of South Korea's state-run Korea Electric Power Corp., will be in charge of design, nuclear fuel supply and maintenance in the project, respectively. Doosan Enerbility and Doosan E&C will lead the construction of the nuclear reactors. South Korea plans to deliver two APR-1000 models, which are based on the advanced APR-1400 design employed by the Barakah Nuclear Power Plant, but modified to meet local demand, including a reduced capacity, for the Dukovany plant. The two new reactors will be built adjacent to the four existing 510-megawatt units at Dukovany, which have been in operation since the 1980s. The first new unit is expected to begin trial operations in 2036, with the second following approximately two years later. With the project, Seoul is expected to enjoy the upper hand in possible competition for another nuclear power plant project in the Czech Republic.
Korea Herald
06-05-2025
- Business
- Korea Herald
Korea's Czech nuclear plant deal halted by court injunction
Dukovany, Czech Republic -- A Czech court has blocked Elektrarna Dukovany II, a subsidiary of the country's main power company, from signing an $18 billion nuclear plant contract with South Korea's Korea Hydro & Nuclear Power, following a preliminary injunction filed by French energy firm EDF, which lost in the bidding process. The contract signing ceremony between Elektrarna Dukovany II and KHNP, scheduled for Wednesday, has been effectively suspended due to the court's decision. Elektrarna Dukovany II is a subsidiary of CEZ. EDF filed a complaint last week against the Czech competition authority, the Office for the Protection of Competition, after it dismissed EDF's objections regarding the tender process to select a supplier for two nuclear reactors at the Dukovany site. 'The essential thing is that if the contract were to be concluded, the French bidder would irretrievably lose the opportunity to obtain the public contract, even if the court ruled in its favor in the lawsuit,' the Brno Regional Court said in a statement. KHNP said it is currently in talks with its Czech counterparts regarding the matter. Last year, Czech energy company CEZ selected KHNP to build two 1,055-megawatt APR-1000 reactors to expand the Dukovany nuclear power plant. Under the plan, the first of the new reactors was scheduled to begin operation in 2036. KHNP is leading the Korean consortium, which includes affiliates of the state-run Korea Electric Power Corp. and private firms such as Doosan Enerbility and Daewoo Engineering & Construction.
Korea Herald
01-05-2025
- Business
- Korea Herald
Korea clinches $18b Czech nuclear plant deal
Agreement marks Korea's 1st nuclear reactor export in 16 years, 1st entry into Europe Korea has secured an $18 billion contract to build two nuclear reactors in the Czech Republic, marking its first nuclear reactor export in 16 years and first entry in the European nuclear power sector. The Czech government on Wednesday announced that a contract will be signed with the Korean consortium led by Korea Hydro & Nuclear Power on May 7, as it decided to acquire an 80 percent stake in Elektrarna Dukovany II, a subsidiary of state-owned power company CEZ, to facilitate the deal. CEZ initially planned to build a single reactor at its Dukovany nuclear power plant with government loans and guarantees. However, after the government decided to increase the number of reactors to be built to two, CEZ has been looking for alternative financing options. Korea's Ministry of Trade, Industry and Energy welcomed the Czech government's announcement on the official signing date of the contract, adding that the two countries are discussing the details of the signing ceremony. The Korean consortium, which includes affiliates of state-run Korea Electric Power Corp. and private firms such as Doosan Enerbility and Daewoo Engineering & Construction, competed against Westinghouse of the US and France's EDF for the Czech nuclear project. Team Korea ultimately was selected as the preferred bidder to build the reactors last year as it highlighted its cost competitiveness and construction capabilities. Wednesday's announcement came after the Czech Republic's competition authority rejected EDF's appeal last week against the tender decision that picked the Korean consortium. KHNP and Kepco came to a settlement with Westinghouse over an intellectual property dispute in January. Westinghouse previously claimed that KHNP's nuclear reactor designs used its Washington-licensed technology after Korea was chosen as the preferred bidder for the Czech nuclear project. Although the terms of the agreement were not disclosed, some industry experts said KHNP may have offered subcontracts or royalties to Westinghouse to settle the issue. As the Czech project will give the Korean nuclear sector a presence in Europe for the first time, the Korean government has inched closer to its goal of exporting 10 nuclear reactors by 2030. Korea's first overseas nuclear reactor project was with the United Arab Emirates in 2009. The first of the new reactors is forecast to begin operation in 2036. Korea will deliver the APR-1000 reactors to the Czech Republic. Featuring 1,055 megawatts of power output, the APR-1000 reactor received European certification in 2023. According to KHNP, it has identified over 200 Czech suppliers and signed more than 76 memorandums of understanding with local companies since 2016, as it looks to have the maximum involvement of Czech companies in the nuclear construction project. The Czech government is aiming to expand the proportion of nuclear-powered energy from 40.7 percent last year to 50 percent by 2050. As the Czech Republic plans to build two more reactors at its Temelin nuclear power plant, the Korean consortium is expected to secure the right of first offer once the project's plan is finalized.
