Seoul, Oct 5 South Korea's two public energy firms are expected to spend nearly 37 billion won ($26.1 million) on lawsuits filed against each other over a payment dispute involving a major nuclear power plant project in the United Arab Emirates, data showed on Sunday.
The Korea Electric Power Corp. (KEPCO) and Korea Hydro & Nuclear Power Co. (KHNP) will spend 14 billion won and 22.8 billion won, respectively, on legal fees over their payment dispute at the Barakah nuclear plant, according to reports submitted to Rep. Kim Dong-ah of the ruling Democratic Party, reports Yonhap news agency.
South Korea won the 20 trillion-won contract to build the plant in the United Arab Emirates in 2009, marking the country's first-ever overseas nuclear power project.
Following the project's completion last year, KEPCO, the main contractor, and KHNP, which was in charge of operational support services, have been undergoing a final settlement process.
In May, KHNP asked the London Court of International Arbitration to mediate the dispute, demanding some $1 billion in extra costs, citing delays and additional work orders caused by the UAE and KEPCO.
"We will review what efforts the previous administration made to settle the dispute between KEPCO and KHNP and hold those responsible accountable," Kim said.
Meanwhile, the United Arab Emirates (UAE) seeks to broaden cooperation with South Korea in areas such as energy regulation, small modular reactors and artificial intelligence (AI), building on the success of the Barakah project, the head of its nuclear regulatory authority has said.
Federal Authority for Nuclear Regulation (FANR) Director General Christer Viktorsson made the remark in a recent interview with Yonhap News Agency, noting experiences brought by South Korean partners "have been valuable to the success of the Barakah project."
FANR is the regulatory body for the nuclear energy sector in the UAE, implementing safety, security and radiation protection programs for the area.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor