Analysts said the agreement will remove a major hurdle for KHNP and its parent Korea Electric Power Corp.(KEPCO) to finalize a $17.1 billion deal to build two nuclear power reactors in the Czech Republic.“Through this agreement, we have officially resolved the intellectual property dispute with Westinghouse and agreed to strengthen cooperation in the global nuclear power market,” the two Korean companies said in a joint statement.“By restoring our collaborative relationship, we aim to enhance our competitiveness in the international nuclear sector,” said KHNP Chief Executive Whang Joo-ho.
KEPCO CEO Kim Dong-cheol said: “The agreement restores our traditional partnership of nearly 50 years and clears the uncertainties caused by legal disputes, allowing us to actively pursue overseas nuclear power plant projects.”In its statement, Westinghouse said the agreement sets the stage for future cooperation between the parties to advance new nuclear projects globally.“As the world demands more firm baseload power, we look forward to opportunities for cooperation to deploy nuclear power at even greater scale,” said Westinghouse CEO Patrick Fragman.
For the Czech nuclear reactor project, KHNP has teamed up with Korea Electric Power Corporation Engineering & Construction Co.(KEPCO E&C), KEPCO Plant Service & Engineering Co.(KEPCO KPS), KEPCO Nuclear Fuel, Doosan Enerbility Co.and Daewoo Engineering & Construction Co.
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