Government Slams KEPCO KHNP Barakah Dispute, Demands 'Team Korea' Unity
Industry Minister Kim Jung-kwan reprimanded KEPCO and KHNP for their legal dispute over the Barakah project, urging 'Team Korea' unity for global nuclear exports.
They're supposed to conquer the world together, yet they're fighting in court. Industry Minister Kim Jung-kwan has issued a stern warning to KEPCO and KHNP, demanding they reunite as 'Team Korea' to seize opportunities in the booming global nuclear market.
Resolving the KEPCO KHNP Barakah Dispute for Global Expansion
According to the Ministry of Trade, Industry and Resources, Minister Kim reprimanded the state-run firms over their ongoing legal battle regarding the Barakah nuclear power plant project in the UAE. Last year, KHNP filed an arbitration claim against its parent company, KEPCO, with the London Court of International Arbitration, seeking reimbursement for additional costs.
The dispute centers on a 20 trillion-won ($13.6 billion) project won in 2009 and completed in 2024. Officials say this internal friction couldn't come at a worse time, as the expansion of AI and data centers has triggered a massive global demand for nuclear energy.
Deep-Sea Gas Project Taps BP Amid Controversy
Meanwhile, the ministry is reviewing Korea National Oil Corp.'s decision to select British oil major BP as the preferred bidder for a major deep-sea gas project. The project involves developing reserves off the coast of Yeongil Bay, though recent exploratory drilling into the 'blue whale prospect' raised doubts about its economic feasibility.
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