Korea wins $40 billion nuclear deal

Korea won one of the world’s biggest nuclear energy contracts yesterday as the United Arab Emirates formally announced its decision to award the $40 billion deal to the consortium led by the state-run Korea Electric Power Corp.
The announcement came shortly after President Lee Myung-bak concluded a summit with the U.A.E. President Sheikh Khalifa bin Zayed Al Nahyan in Abu Dhabi. Lee flew to the Arab nation on Saturday to give one last push to win the contract. The deal is Korea’s first to export nuclear reactors that will be designed, built and operated with the nation’s indigenous technologies.
The $40 billion deal is worth about one-sixth of the Korean government’s 2010 budget. The former CEO of Hyundai Construction-turned-president with the nickname “Bulldozer” “had given specific advice from how to form a consortium to pricing strategies,” a presidential aide said. The Blue House said Lee focused on persuading Mohammed bin Zayed Al Nahyan, the crown prince of Abu Dhabi who had decisive power over the contract.
Lee promised the prince Korea’s preparedness to help the oil-rich country in the post-oil era, Blue House sources said. Shortly after his arrival in Abu Dhabi, Lee had a dinner with the crown prince, who came to the airport to greet him. “The crown prince’s welcome at the airport was a surprise, and President Lee promised that his meeting with the crown prince will serve as an opportunity to develop the two nations’ bonds,” Blue House spokeswoman Kim Eun-hye said.